Oil rose 3% as IEA lifted oil demand outlook in 2024
In a dramatic turnaround, global oil prices surged by 3% on Thursday, 14 December 2023 fuelled by a combination of factors, including a weakened dollar
In a dramatic turnaround, global oil prices surged by 3% on Thursday, 14 December 2023 fuelled by a combination of factors, including a weakened dollar and an optimistic outlook from the International Energy Agency (IEA).
The IEA, in its latest report, revised its 2024 oil demand forecast, anticipating a faster-than-expected rise in global demand. This positive outlook provided a much-needed boost to investor confidence, alleviating concerns over oversupply and weak demand that had cast a shadow on the industry.
Brent futures settled $2.35/barrel higher or 3.2%, closing at $76.6/barrel.
WTI crude climbed $2.11/barrel or 3% to settle at $71.58/barrel.