The value of crude oil rose after the United States EIA raised its forecast and OPEC maintained its forecasts.
The prices of Petroleum rose this Tuesday, after the EIA of USA will raise its global demand growth forecast for the year, while the OPEC+ decided to maintain its forecast of relatively strong growth in 2024.
The Brent crude oil futures They rose 29 cents, or 0.4%, to $81.92 a barrel, recovering from a close of $77.52 last week. That close, the lowest since February, came as investors worried about oversupply and low demand for the rest of 2024.
Meanwhile, US crude oil futures West Texas Intermediate (WTI)gained 16 cents, or 0.2%, to $77.90.
Greater demand worldwide
The United States Energy Information Administration raised its forecast growth of global demand for Petroleum by 2024 to 1.10 million barrels per day, from a previous estimate of an increase of 900,000 bpd.
For its part, the Organization of the Petroleum Exporting Countries (OPEC) maintained its forecast for this year of relatively strong growth in global crude oil demand, despite lower-than-expected use in the first quarter, noting that trips and the tourism would support consumption in the second half of the year.
“Now we are at least entertaining the idea that perhaps demand will pick up in the second half and that the market may need some additional supply from OPEC+,” he said. Tim Evans, independent energy analyst and added: “The market was a little oversold. We are having a kind of springboard effect.”
A week with important data
Meanwhile, U.S. consumer price index data for May will be released this Wednesday and the U.S. two-day monetary policy meeting will conclude. Federal Reserve.
The prospect of the United States moving to build up its strategic reserves if WTI remains below $79 provided support to the price of Petroleumsaid Hiroyuki Kikukawa, president of NS Tradinga unit of Nissan Securities.
The United States could accelerate the pace of replenishment of the Strategic Petroleum Reserve as reserve maintenance is completed by the end of the year, the Energy Secretary told Reuters last week, Jennifer Granholm.
Source: Ambito
