Oil prices rise more than 1%, shaking off weak 2024 global demand forecast
Publishing timestamp: 2024-02-15 11:47:09
Summary
Crude oil futures rose despite earlier losses due to a weak global demand forecast for 2024. Oil prices were supported by a weakening dollar and the expectation of declining global oil inventories. However, the Paris-based International Energy Agency forecasted slower demand growth for this year and an expected supply exceeding demand. OPEC is forecasting a tighter oil market with higher demand growth than production growth. The market is reacting to these factors and geopolitical tensions in the Middle East.
Sentiment: MIXED
Keywords: breaking news: markets, oil and gas, united states, markets, wti crude (mar'23), investment strategy, business news, ice brent crude (apr'23),
Source: https://www.cnbc.com/2024/02/15/-crude-oil-prices-today.html