Oil prices keep gains after OPEC demand forecast

Oil prices recorded slight changes on Wednesday and maintained the gains they achieved on Tuesday after the Organization of the Petroleum Exporting Countries (OPEC) forecast a strong increase in demand along with a sharp decline in US fuel inventories.

According to Reuters, Brent crude futures rose six cents, or 0.07%, to $82.83 by 0953 GMT. US West Texas Intermediate crude futures settled at $77.87 per barrel.

OPEC said in its monthly report on Tuesday that global demand for oil will rise by 2.25 million barrels per day in 2024 and 1.85 million barrels per day in 2025. The organization’s expectations have not changed from last month.

Data from the American Petroleum Institute also showed that gasoline inventories fell by 7.23 million barrels and distillate inventories fell by 4.02 million barrels in the week ending February 9, both of which were much larger declines than analysts expected.

Meanwhile, US crude oil inventories rose much more than expected at 8.52 million barrels, as refinery shutdowns reduced crude consumption and fuel production.