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Crude Oil Gains As Report Projected An Increase In Global Oil Demand.
Crude oil exhibited strength, settling up by 1.34% at 6483, propelled by the latest OPEC report projecting an increase in global oil demand through 2024 and 2025.
However, the International Energy Agency (IEA) presented a contrasting view, trimming its 2024 growth forecast for global oil demand, citing a deceleration in Chinese consumption. The IEA, representing industrialized countries, anticipates oil demand to peak by 2030 as the world transitions to cleaner energy, while OPEC foresees rising oil consumption for the next two decades.
The IEA’s monthly report revised its estimate for global oil demand growth in 2024 to 1.22 million barrels per day (bpd), slightly lower than the previous month’s forecast.
