{"id":172634,"date":"2024-03-20T06:53:23","date_gmt":"2024-03-20T03:53:24","guid":{"rendered":"https:\/\/kupitiblog.store\/576r\/oil-prices-settle-at-five-month-highs-on-improved-demand-outlook\/"},"modified":"2024-03-20T06:53:23","modified_gmt":"2024-03-20T03:53:24","slug":"oil-prices-settle-at-five-month-highs-on-improved-demand-outlook","status":"publish","type":"post","link":"https:\/\/kupitiblog.store\/576r\/oil-prices-settle-at-five-month-highs-on-improved-demand-outlook\/","title":{"rendered":"Oil prices settle at five-month highs on improved demand outlook"},"content":{"rendered":"

<\/span> <\/i>   <\/p>\n

Investing.com— Oil prices settled at five-month highs Thursday, as the International Energy Agency’s upgraded its crude demand growth forecast, easing jitters about a potential supply surplus. <\/p>\n

At 14:30 ET (18:30 GMT), the U.S. crude<\/span> futures settled 1.9% higher at $81.26 a barrel, the highest since Nov. 6, and the Brent<\/span> contract climbed 1.7% to $85.42 a barrel.<\/p>\n

IEA lifts 2024 demand growth forecast<\/strong><\/h2>\n

The IEA raised its forecast for world oil demand in 2024, saying it will rise by 1.3 million barrels per day, up 110,000 barrels per day from last month.<\/p>\n

The agency also forecast first-quarter global demand growth to rise a higher than previously expected 1.7 million barrels per day because of an improved U.S. outlook and firmer bunkering demand owing to longer voyages to avoid the Red Sea.<\/p>\n

OPEC on Tuesday kept its demand growth forecast unchanged at 2.25 million barrels per day, a substantially higher figure than the IEA estimate.<\/p>\n

As well as upbeat demand forecasts, «soaring margins will encourage refineries to ramp-up oil processing, supporting oil demand,» ANZ Research said in a note following data a day earlier showing a pick-up in U.S. refinery activity. <\/p>\n

US inventory draws signal improving demand<\/strong><\/h2>\n

The crude benchmarks had soared more than 3% on Wednesday, after an unexpected draw in U.S. oil and gasoline inventories indicated that demand in the world’s largest fuel consumer was picking up from a winter lull, especially as more refineries resumed operations after an extended winter break.<\/p>\n

Official data showed that crude inventories<\/span> shrank by about 1.5 million barrels in the Week to March 8, against expectations for a build of 0.9 million barrels.<\/p>\n

But the kicker was a 5.7 million barrel draw in gasoline stocks<\/span>, which was much more than expectations for a 1.9 million draw and marked a fifth week of outsized draws in the past six weeks.<\/p>\n

The inventory readings signaled tightening oil supplies in the U.S., even as the country produced crude at record-high rates and was forecast to increase production this year.<\/p>\n

Russian fuel refinery attacks support oil prices <\/strong><\/h2>\n

Oil prices had also received support from Ukranian drone attacks on a major Russian fuel refinery, which reportedly put the facility out of commission.<\/p>\n

The move is expected to limit Russia’s fuel output, and also comes amid already tight gasoline markets in the country.<\/p>\n

Russia had earlier this month enacted a six-month ban on fuel exports — a move that is expected to substantially tighten fuel markets in swathes of Asia.<\/p>\n

Increased clashes with Ukraine also point to elevated geopolitical risks to oil markets, which are already grappling with the Israel-Hamas war.<\/p>\n

But despite strong gains, crude prices still remained within a $75 to $85 a barrel trading range established in recent months. More gains in oil prices were held back by concerns over weak Chinese demand and the prospect of higher-for-longer interest rates.<\/p>\n

(Peter Nurse, Ambar Warrick contributed to this article.)<\/p>\n

Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

  Investing.com— Oil prices settled at five-month highs Thursday, as the International Energy Agency’s upgraded its crude demand growth forecast, easing jitters about a potential supply surplus. At 14:30 ET (18:30 GMT), the U.S. crude futures settled 1.9% higher at $81.26 a barrel, the highest since Nov. 6, and the Brent contract climbed 1.7% to …<\/p>\n","protected":false},"author":1,"featured_media":172662,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3350],"tags":[],"yoast_head":"\nOil prices settle at five-month highs on improved demand outlook - BiznesSMI - \u043a\u043e\u0442\u0438\u0440\u043e\u0432\u043a\u0438 \u0432\u0430\u043b\u044e\u0442, \u0430\u043a\u0446\u0438\u0438, \u0444\u043e\u0440\u0435\u043a\u0441, \u0438\u043d\u0434\u0435\u043a\u0441\u044b, \u0430 \u0442\u0430\u043a\u0436\u0435 \u0442\u0435\u0445\u043d\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u0430\u043d\u0430\u043b\u0438\u0437, \u0433\u0440\u0430\u0444\u0438\u043a\u0438, \u0444\u0438\u043d\u0430\u043d\u0441\u043e\u0432\u044b\u0435 \u043d\u043e\u0432\u043e\u0441\u0442\u0438 \u0438 \u0430\u043d\u0430\u043b\u0438\u0442\u0438\u043a\u0430.<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"ru_RU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices settle at five-month highs on improved demand outlook - BiznesSMI - \u043a\u043e\u0442\u0438\u0440\u043e\u0432\u043a\u0438 \u0432\u0430\u043b\u044e\u0442, \u0430\u043a\u0446\u0438\u0438, \u0444\u043e\u0440\u0435\u043a\u0441, \u0438\u043d\u0434\u0435\u043a\u0441\u044b, \u0430 \u0442\u0430\u043a\u0436\u0435 \u0442\u0435\u0445\u043d\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u0430\u043d\u0430\u043b\u0438\u0437, \u0433\u0440\u0430\u0444\u0438\u043a\u0438, \u0444\u0438\u043d\u0430\u043d\u0441\u043e\u0432\u044b\u0435 \u043d\u043e\u0432\u043e\u0441\u0442\u0438 \u0438 \u0430\u043d\u0430\u043b\u0438\u0442\u0438\u043a\u0430.\" \/>\n<meta property=\"og:description\" content=\"  Investing.com— Oil prices settled at five-month highs Thursday, as the International Energy Agency’s upgraded its crude demand growth forecast, easing jitters about a potential supply surplus. 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