|
Brent crude futures gained 37 cents, or 0.5%, to $78.25 a barrel
by 1005 GMT while U.S. West Texas Intermediate crude futures
rose 55 cents, or 0.8%, to $73.11.
The International Energy Agency (IEA) now expects oil demand to
grow by 1.24 million barrels per day (bpd) in 2024, up 180,000
bpd from its previous projection, its monthly report said. The
agency cited improved economic growth and lower crude prices in
the fourth quarter.
The Organization of the Petroleum Producing Countries (OPEC) had
said on Wednesday that it expected demand growth of 2.25 million
bpd this year, unchanged from its forecast in December. The
producer group also said oil demand is expected to rise by a
robust 1.85 million bpd in 2025 to 106.21 million bpd.
The IEA's executive director, Fatih Birol, told the Reuters
Global Markets Forum on Wednesday that he expects oil markets to
be in a "comfortable and balanced position" this year despite
Middle East tensions, rising supply and a slowing demand growth
outlook.
Oil's range-bound trading in recent days reinforces the
narrative that investors are shrugging off concern that tankers
may be at risk from attacks in the Red Sea, said Ehsan Khoman,
analyst at bank MUFG.
Attacks by Yemen-based Houthi militants against ships in the Red
Sea have forced many companies to divert cargoes around Africa,
adding to journey times and costs. The U.S. on Wednesday
conducted another round of strikes against Houthi targets in
Yemen in retaliation for the attacks on shipping.
The Iran-aligned Houthis say they are acting in solidarity with
Palestinians during Israel's war with Gaza.
In the latest sign of escalating geopolitical tensions, Pakistan
conducted strikes inside Iran, targeting Baluchi separatist
militants, the country's foreign ministry said, two days after
Iranian strikes inside Pakistani territory.
In top oil-producing U.S. state North Dakota, meanwhile, oil
output fell by 650,000 to 700,000 bpd because of extreme cold
weather, the state said.
U.S. government data on oil inventories is due at 11 a.m. ET
(1600 GMT) on Thursday. Domestic crude stockpiles rose last week
by 480,000 barrels, according to market sources citing American
Petroleum Institute figures. [API/S]
(Reporting by Ahmad GhaddarAdditional reporting by Jeslyn Lerh
in SingaporeEditing by David Goodman)
[© 2024 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
