Oil prices inch higher on record demand prediction
The IEA added that global oil demand clocked a record 103 million barrels per day (bpd) in June and could experience another peak this month.
International benchmarks for crude oil extended its upward momentum on Friday, 11 August 2023 spurred by record global demand forecasted by the International Energy Agency (IEA) alongside the reduced supplies, pushing prices northward growth for the seventh consecutive week.
The IEA added that global oil demand clocked a record 103 million barrels per day (bpd) in June and could experience another peak this month. IEA also predicts that sharp output cuts by Saudi and Russia could offer further support for oil prices.
On Thursday, 10 August, OPEC commented that it suspects global oil demand to grow by 2.44 million bpd this year as proceedings in the market look upbeat for the remainder of the year.
Brent crude climbed 41 cents or 0.5% at $86.81/barrel.
US West Texas Intermediate edged up 37 cents or 0.5%, currently at $83.19/barrel.