Oil jumped nearly 2% following a bullish OPEC demand forecast.
Oil market has been under supply pressure over the past weeks as Saudi Arabia extended the voluntary output cut by 1 million barrels per day until December while Russia curbs exports.
International benchmarks for crude oil surged nearly 2% on Tuesday, 12 September 2023 after the Organization of the Petroleum Exporting Countries (OPEC) released the monthly demand forecast report, where it expected world oil demand to rise by 2.25 million barrels per day in 2024 citing stronger than expected major economies.
Brent jumped $1.42 or 1.6% to close at $92.06/barrel.
WTI added $1.55 or 1.8% to settle at $88.84/barrel.
Oil market has been under supply pressure over the past weeks as Saudi Arabia extended the voluntary output cut by 1 million barrels per day until December while Russia curbs exports. Libya this week shut down four export terminals due to a storm.