Reported 11 months ago
Oil prices edged higher as the U.S. Energy Information Administration raised its world oil demand growth forecast for the year, while OPEC maintained its forecast for strong growth in 2024. Brent crude futures rose to $82.16 a barrel and U.S. West Texas Intermediate crude futures gained to $78.16. OPEC and allies agreed to extend oil output cuts into 2025 but will gradually phase them out from October 2024. The World Bank raised the global growth outlook slightly due to the U.S. economy's performance, while U.S. crude oil output is expected to reach record highs. The Fed is likely to reduce rates by 25-basis points starting in September amid strong economic data and higher inflation.
Source: YAHOO