Oil prices rose on increased demand forecasts, with Brent futures hitting $82.16

From Investing.com: 2024-06-11 13:00:42

Oil prices rose as the U.S. EIA increased its world oil demand growth forecast for the year. Brent futures climbed to $82.16 a barrel, while WTI crude futures hit $78.16. OPEC maintained its 2024 forecast for strong global oil demand growth, predicting higher oil output at 13.24 million barrels. The U.S. saw strong economic growth prompting the World Bank to raise its global growth outlook slightly. Inflation higher than anticipated has led to expectations of only two rate reductions by the Fed this year. Saudi crude exports to China fell for a third month, and U.S. crude oil stockpiles were projected to decline by 1.8 million barrels.



Read more at Investing.com: Oil edges up on forecasts for strong global demand By Reuters