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Oil prices rose slightly in Friday’s trading as markets evaluated the International Energy Agency’s report on global demand for black gold.
Brent crude futures contracts were trading at $79.14 per barrel, an increase of 0.30% from the previous closing price, while US crude futures settled at $74.19 per barrel, an increase of 0.15% from the previous settlement price.
The rise in oil prices came after a report by the International Energy Agency in which it expected global demand for oil to grow in the current year 2024 at a rate of 1.2 million barrels per day, an increase of 180 thousand barrels from its previous estimates.
Prices also received support from data from the US Energy Information Administration, which indicated a decrease in inventories by 2.5 million barrels during the week ending January 12, compared to expectations of a decrease of 600 thousand barrels.
Source: Agencies