Crude oil traded higher on Thursday morning as the International Energy Agency (IEA) forecast an increase in the global oil demand in 2023. At 9.52 am on Thursday, April Brent oil futures were up by 0.52 per cent at $85.82 and March crude oil futures on WTI increased by 0.52 per cent to $79.11 . Rise after modest contractionIEA’s Oil Market Report for February 2023 said that global oil demand is set to rise by 2 million barrels a day in 2023 to 1,01.9 million barrels a day. At 471.4 million barrels, US crude oil inventories were about 8 per cent above the five-year average for this time of year. US crude oil imports averaged 6.2 million barrels a day last week, a decrease of 826,000 barrels a day from the previous week.

Source: The Hindu February 16, 2023 08:54 UTC