Crude oil prices hit a four-month high on Thursday, with the U.S. benchmark crossing over the $80 mark and Brent passing $85 per barrel
after changes in supply and demand predictions that bring OPEC and International Energy Agency IEA forecasts into closer alignment. After gaining nearly $3 on Wednesday, at 343 p.m. ET on Thursday, Brent crude was trading at $85.23, up 1.43% on the day. West Texas Intermediate WTI was trading at $81.13, up 1.77% on the day.
The IEA’s forecasts have contradicted OPEC forecasts for some time, with the international energy agency in May 2021 saying there was no need for new oil and gas exploration any longer due to the pace of the energy transition. February 2024 oil demand forecasts from the IEA and OPEC diverged by over 1 million bpd. The IEA has now slashed its 2024 supply forecast to 102.9 million bpd this year.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Phil Schofield 'worried' Fern Britton drags up past as she knows his pastEXCLUSIVE: With Fern Britton taking viewers by storm on Celebrity Big Brother, her former This Morning co-star Phillip Schofield is reportedly 'worried' on what she will say on TV
Read more »
Deutsche Bank Sees Brent Oil Price at $88 by the End of 2024Analysts at Deutsche bank expect the price of Brent crude to climb to $88 by the end of this year due to rising demand.
Read more »
Mikey Johnston masterclass as Celtic loanee soars to new heightsThe Hoops star grabbed a deadly double as he took his tally to FOUR goals in his last three outings
Read more »
Apple: iPhone China sales slide as Huawei soars, report saysApple phone sales fell 24% in the first six weeks of the year, according to researcher Counterpoint.
Read more »
Michaela School made being Muslim seem toxic, former pupil saysMichaela School, in Brent, is the subject of a court challenge over rules banning 'prayer rituals'.
Read more »