WTI crude futures settled at $81.26 per barrel on Thursday, the highest since November 2nd, driven by a more bullish outlook from the International Energy Agency along with signs of robust US demand and heightened geopolitical risk. The IEA increased its 2024 demand-growth estimate for crude oil to 1.3 million barrels a day from 1.2 million, and revised its forecast to a slight deficit this year instead of a surplus. According to IEA data, US crude stockpiles fell by 1.536 million barrels last week, contradicting expectations of a 1.338 million barrel increase. Also, the API data revealed a 5.5 million barrel decrease in inventories for the week, marking the first decline in seven weeks. Oil prices received additional support after Ukrainian drone strikes on Russian refineries, resulting in a fire at Rosneft's largest refinery. At the same time, geopolitical tensions in the Middle East and the decision by OPEC+ to extend supply cuts further bolstered oil prices. 81 minutes ago
SHE Price at posting:
1.3¢ Sentiment: None Disclosure: Held
