|
Brent futures were up by 21 cents, or 0.25% to $85.29 a barrel
by 0938 GMT. U.S. West Texas Intermediate (WTI) crude rose 13
cents, or 0.16%, to $82.23.
In its latest monthly oil market report, the IEA saw global
demand growth at its lowest in over a year at 710,000 barrels
per day (bpd) in the second quarter, driven mainly by a
contraction in China's consumption.
The IEA's global crude demand growth forecast for 2024 was kept
largely unchanged at 970,000 bpd, while its 2025 forecast was
cut by 50,000 bpd to 980,000 bpd.
OPEC in its monthly report on Wednesday kept its forecasts for
world oil demand growth for this year and next unchanged at 2.25
million and 1.85 million bpd, respectively.
Both contracts rose on Wednesday, breaking a three-day losing
streak, after a report from the Energy Information
Administration (EIA) showed a drop in U.S. crude and gasoline
stocks.
"The bounce back is largely due to the continued drawdowns in
U.S. inventories as reported by the EIA," Suvro Sarkar, energy
sector team at DBS Bank, told Reuters.
U.S. crude inventories fell by 3.4 million barrels to 445.1
million barrels in the week ended July 5, far exceeding the 1.3
million-barrel draw expected by analysts in a Reuters poll.
Gasoline stocks fell by 2 million barrels to 229.7 million
barrels, much bigger than the 600,000-barrel draw analysts
expected during the U.S. Fourth of July holiday week.
Meanwhile, U.S. Consumer Price Index inflation data is expected
at 1230 GMT on Thursday, which could offer fresh clues on the
health of demand. A Producer Price Index inflation report is
expected on Friday.
(Reporting by Robert Harvey in London, Arathy Somasekhar in
Houston and Colleen Howe in Beijing; editing by Jason Neely)
[© 2024 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
