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Oil Prices Step Higher After IEA Report Reveals Boost to Global Demand Projection
Friday, 10 August 2018 19:58 WIB | COMMODITY |MinyakWTIBrent

Oil prices tipped higher Friday as a forecast for rising global crude demand, and supply boosts from Russia, offset lingering concerns about trade tensions cutting global consumption of energy products.

The International Energy Agency raised its forecast for global oil demand growth by 110,000 barrels a day to 1.5 million barrels for 2019. Its monthly report also said global supply had risen by 300,000 barrels a day last month, mainly because of higher output from Russia and higher output from the Organization of the Petroleum Exporting Countries.

Global markets were also watching developments in emerging markets Turkey, where a currency crisis bubbles, and in Russia, for any potential implications for global economic growth.

West Texas Intermediate futures for September delivery on the New York Mercantile Exchange rose 48 cents, or 0.7%, to $67.31 a barrel. Its settle at $66.81 Thursday marked WTI™s lowest level since June 21, a day after the contract saw its steepest one-session fall since July 16, according to FactSet data.

Brent crude for October rose 54 cents, or 0.7%, to $72.61 a barrel. The settle at $72.07 a barrel Thursday left the international benchmark at its lowest level since July 16, according to Dow Jones Market Data.

Source : Market Watch

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