Benchmark crude oil prices are declining on Friday after a weak rise the day before.
However, over the course of this week, they have gained more than 3% amid forecasts of stable global demand for fuel, Trading Economics writes.
Quotes for August futures for Brent on the London ICE Futures exchange at 7:52 a.m. decreased by $0.39 (0.5%) to $82.36 per barrel. On Thursday, these contracts rose by $0.15 (0.2%) to $82.75 per barrel.
The price of July futures for WTI on the New York Mercantile Exchange (NYMEX) fell by $0.45 (0.6%) to $78.17 per barrel in the morning. As a result of the previous trading, the value of these contracts increased by $0.12 (0.2%) to $78.62 per barrel.
Earlier this week, the US Department of Energy raised its forecast for global oil demand in 2024 by 140 thousand bpd to 102.98 million bpd. Thus, the agency expects that this year’s demand growth will be almost 1.1 million bpd, while a month earlier it was expected to be 920 thousand bpd.
OPEC still expects global oil demand to increase by 2.25 million barrels per day in 2024, and by 1.85 million bpd next year, according to the cartel’s June report.
Standard Chartered experts believe that global oil demand will increase by 1.68 million barrels per day this year and by 1.41 million bpd next year.
