Oil Prices Soar as International Energy Agency Raises 2023 Global Oil Demand Forecast






Oil Prices Rise as IEA Raises 2023 Global Oil Demand Forecast

Oil prices rose again in afternoon trading today, Friday, after the International Energy Agency raised its 2023 global oil demand forecast to “the highest level ever.”

Oil Futures Trading

By 13:45 Moscow time, US oil futures were trading at $83.09 per barrel, up 0.33% from the previous settlement price.

Brent crude traded at $86.70 a barrel, up 0.35% from the previous close.

IEA’s Global Oil Demand Forecast

The International Energy Agency raised its forecast for global oil demand for 2023 to “the highest level on record”, reaching 102.2 million barrels per day.

The Paris-based agency said that “global oil demand is expected to increase by 2.2 million barrels per day compared to 2022 and reach 102.2 million barrels per day in 2023.”

Impact of Inflation Data

Oil prices started trading lower as investors assessed the situation in the energy market after the data showed the acceleration of annual inflation in the US.

Source: RT + Bloomberg


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