15 Dec, 23

Oil Gains 4% on Interest Rates, 2024 Forecasts

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Oil prices were nearing a 4% gain on Thursday as the U.S. dollar weakened and the International Energy Agency (IEA) upgraded its demand forecast to a 1.1 million barrel-per-day increase next year.  Brent crude was trading at $76.70 on Thursday at 11:50 a.m. ET, up 3.29%. West Texas Intermediate (WTI), the U.S. benchmark, was trading at $71.87, up 3.45%. Earlier on Thursday, the IEA boosted its 2024 demand forecast by 130,000 bpd based on U.S. supply growth that “continues to defy expectations”.  However, the agency revised…

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