Crude oil saw a significant uptick of 2.48% yesterday, settling at 6,742, as investors absorbed the International Energy Agency’s (IEA) latest oil market report, which painted a more optimistic picture for demand growth and highlighted disruptions in the Red Sea region. The IEA revised its demand growth forecasts upward for 2024 and reduced its projection for non-OPEC supply, bolstering market sentiment. Additionally, Russia’s expectation of increased crude oil exports due to unplanned refinery maintenance added further support to prices.
