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Oil steadied on OPEC's demand projections

By Rana Gharib
14 Feb,2024
Oil steadied on OPEC's demand projections

Oil traded mute on Wednesday, maintaining Tuesday’s gains on OPEC's strong estimate for demand growth and a precipitous drop in US fuel inventories.

Brent crude advanced by 0.14% to $82.89 per barrel, while US WTI advanced by 0.06% at $77.92 per barrel.

Tuesday's advances of roughly 1% were also partially attributable to geopolitical aspects, with hopes of a postponed start to interest rate trim in the US being offset by diplomatic impasses in the Middle East and the crises between Russia and Ukraine.

OPEC stated that oil demand on a global level will tick up by 2.25 million bpd this and for 2025 it will likely edge up by 1.85 million bpd. The two projections steadied from the earlier month.

Crude inventories saw a surge beyond projections by 8.52 million barrels.

Eyes are on inventory figures scheduled to release later during the day.

 

 

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