Baghdad / Nina / Oil prices rose at settlement, with the International Energy Agency’s expectations matching with OPEC regarding strong growth in global demand for oil.
Brent crude futures rose $1.22, equivalent to 1.6%, recording $79.10 per barrel upon settlement, and US West Texas Intermediate crude futures rose $1.52, or 2%, to $74.08.
The US Energy Information Administration reported a larger-than-expected decline in crude oil inventories, amounting to 2.5 million barrels in the week ending January 12.
The International Energy Agency’s monthly report stated that it expects oil demand to grow by 1.24 million barrels per day in 2024, an increase of 180,000 barrels per day over its previous expectations./ End
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