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Oil dipped on Friday but registered the largest weekly gains since AprilA report from the International Energy Agency (IEA) curbed demand growth forecast for 2024 and warned of a “major surplus” over the long term weighed on the sentiment. |
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International benchmarks for crude oil settled lower on Friday, 14 June 2024 after a survey showed that US consumer sentiment weakened in June. However, Brent and WTI saw a 4% increase week-on-week, marking the largest gain since April this year.
A report from the International Energy Agency (IEA) curbed demand growth forecast for 2024 and warned of a “major surplus” over the long term weighed on the sentiment. Two other forecasters, EIA and OPEC either upgraded or maintained the demand growth forecast for the year.
Brent settled down 13 cents, at $82.62/barrel.
WTI dipped 17 cents to close at $78.54/barrel.
