Oil prices rose today, Thursday, after declining in the previous session, amid hopes of a recovery in demand and fears of a scarcity of crude supply during the rest of the year 2023.
The International Energy Agency (IEA) confirmed that Saudi Arabia and Russia extending production cuts until the end of 2023 will mean that the markets will witness a major shortage during the fourth quarter, while it largely adhered to estimates of demand growth this year and next.
Brent crude futures rose 17 cents, reaching $92.5 per barrel, while US West Texas Intermediate crude rose 19 cents, reaching $88.71.
It is noteworthy that both crude oil standards jumped to their highest levels in 10 months yesterday, Wednesday, before the data showed a sudden increase in crude and fuel inventories in the United States, which raised market concerns about demand.
On the other hand, crude inventories in the United States of America rose by four million barrels last week, contradicting analysts’ expectations of a decline of 1.9 million.
Source: National Iraqi News Agency