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Oil prices increased on Thursday as the IEA joined producer organization OPEC in projecting reasonably strong growth in global oil demand this year, with price support also coming from disruptions in US output and geopolitical threats in the Middle East.
Brent crude prices jumped 37 cents, or 0.5%, to $78.25 per barrel at 1005 GMT, while U.S. West Texas Intermediate crude futures rose 55 cents, or 0.8%, to $73.11.
The International Energy Agency (IEA) forecasts oil demand to rise by 1.24 million barrels per day (bpd) in 2024, up 180,000 bpd from its previous projection, according to its monthly report.
The agency noted increased economic growth and decreased crude prices in the fourth quarter.
The Organisation of Petroleum Producing Countries (OPEC) On Wednesday, said it expects demand growth of 2.25 million bpd this year, unchanged from its December prediction.
The producer group also said oil demand is expected to rise by a robust 1.85 million bpd in 2025 to 106.21 million bpd.
The IEA’s executive director, Fatih Birol, said that he expects oil markets to be in a “comfortable and balanced position” this year despite Middle East tensions, rising supply and a slowing demand growth outlook.