Oil prices up amid forecasts of 2023 demand uptick from OPEC, IEA
LONDON (Reuters) -Oil prices rose on Wednesday after OPEC and the International Energy Agency (IEA) both forecast a rebound in demand over the course of next year and as U.S. rate hikes are expected to ease alongside slowing inflation.
Brent crude futures rose 76 cents, or 0.9%, to $81.44 per barrel by 1144 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 80 cents at $76.19.
The Brent contract is firmly back in a backwardated market structure whereby front-month loading barrels trade higher than later deliveries, which indicates worries about oversupply are subsiding.
The structure had dipped into contango last week, with front-month deliveries cheaper than later-loading ones.
