Oil prices rose on Thursday following optimistic demand estimates from the International Energy Agency (IEA) and the Organization of the Petroleum Producing Countries (OPEC). Brent crude futures increased by 0.5 percent to $78.25 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose by 0.8 percent to $73.11 a barrel. The IEA revised its oil demand growth projection for 2024 to 1.24 million barrels per day (bpd), citing improved economic growth and lower crude prices in the fourth quarter. OPEC maintained its forecast of 2.25 million bpd growth in oil demand for 2021. Geopolitical risks in the Middle East and disruptions to U.S. output also contributed to the price rally.
IEA and OPEC Forecast Strong Growth in Oil Demand, Boosting Prices
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