Crude oil prices edge higher as IEA raises demand growth forecast

Oil prices edged higher on Tuesday after the International Energy Agency (IEA) raised its demand growth forecasts, adding to bullish sentiment from the previous day’s OPEC guidance.

Brent crude futures gained 20 cents, or 0.2%, to $82.72 a barrel by 0918 GMT. U.S. WTI crude futures climbed 21 cents, or 0.3%, to $78.47.

The IEA raised its oil demand growth forecasts for this year and next despite an expected slowdown in economic growth in nearly all major economies.

The agency’s 2023 growth forecast was lifted to 2.4 million barrels per day (bpd) from 2.3 million bpd. For 2024, it raised the forecast to 930,000 bpd from 880,000 bpd.