Oil Prices Climb Following OPEC Report on Global Demand

Baghdad - Oil prices witnessed an upsurge today, following a report from the Organization of the Petroleum Exporting Countries (OPEC) that alleviated concerns about dwindling demand in the United States and China. These concerns had been heightened by mixed signals from the Federal Reserve (the US central bank).

According to National Iraqi News Agency, January Brent crude futures experienced a rise of 73 cents to $82.16 per barrel, rebounding from an earlier one-dollar drop in early trading. Similarly, West Texas Intermediate crude futures for December climbed by 70 cents, reaching $77.87 a barrel.

OPEC, in its latest report, revised its projection for global oil demand growth for the current year to 2.5 million barrels per day, a slight increase from last month's estimates. This revision is bolstered by strong global economic growth trends. For 2024, OPEC maintains its forecast for global oil demand growth at 2.2 million barrels per day, consistent with the previous month's prediction.