Market News: Investors shrugged off official data showing that US crude inventories increased by 16.3 million barrels last week, far exceeding expectations of a 1.2 million barrel increase, and WTI crude oil prices rose above $79 per barrel on Thursday.
Snapping a decline of two days. Prices were also supported by an optimistic outlook for demand from the International Energy Agency, which predicted that global oil demand would rise by 2 million barrels per day in 2023.
The IEA also stated that China’s departure from its stringent zero-Covid policy will account for nearly half of this year’s growth in oil demand. Due to stronger Chinese demand, OPEC+ also raised its oil demand forecast by 100,000 barrels per day.
However, it recently stated that it intends to maintain production quotas established late last year for the remainder of 2023. Meanwhile, the US government’s plans to release an additional 26 million barrels of oil from strategic reserves earlier this week put pressure on oil prices.
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