empty
hu
Támogatás
Azonnali számlanyitás
Trading Platform
Befizetés/pénzfelvétel

18.01.202419:11:00UTC+00Oil Settles Sharply Higher On Drop In Crude Stocks, Bullish Demand Forecast

Oil prices climbed higher on Thursday, lifted by data showing a drop in U.S. crude inventories in the week ended January 12th, and on higher forecasts for global oil demand.

Recent strong U.S. economic data also point to a likely jump in oil demand. Meanwhile, tensions in the Middle East continue to disrupt global shipping and trade.

Data from U.S. Energy Information Administration (EIA) showed crude inventories dropped by 2.5 million barrels last week, as against expectations for a declined of 313,000 barrels.

Gasoline inventories increased by 3.1 million barrels last week, higher than an expected increase of 2.2 million barrels, while distillate stocks were up 2.4 million barrels in the week, more than 2.5 times the expected increase.

West Texas Intermediate Crude oil futures for February ended higher by $1.52 at $74.08 a barrel.

Brent crude futures were up $1.20 or 1.53% at $79.08 a barrel a little while ago.

The International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC), both said in their reports that global oil demand will see a significant growth this year.

The IEA said in its montly report that oil demand will likely grow by 1.24 million barrels per day in 2024, up 180,000 barrels per day from its earlier projection.

The OPEC said in its report on Wednesday that it expects demand to rise by 2.25 million barrels per day this year, and by 1.85 million barrels per day to 106.21 millon barrels per day in 2025.

See Also

Forex News
  • 2025-04-22 10:00:20
    Oil Gains on Technical Rebound
    2025-04-22 10:00:20
    Australian Shares Slide in Post-Holiday Trading
    2025-04-22 10:00:20
    Japanese Shares Slip on Weak Wall Street Cues
    2025-04-22 10:00:20
    US Futures Steady After Sharp Selloff
    2025-04-22 10:00:20
    New Zealand Stocks Under Pressure After Wall Street Rout
    2025-04-22 10:00:20
    New Zealand Trade Surplus Doubles in March
    2025-04-22 10:00:20
    New Zealand's Export Surge: March 2025 Sees a Remarkable Increase to $7.59 Billion
    2025-04-22 10:00:20
    New Zealand's Imports Surge Amid Economic Adjustments: March 2025 Data Reveals Rising Trend
    2025-04-22 10:00:20
    New Zealand's Trade Deficit Narrows Slightly in March
    2025-04-22 10:00:20
    New Zealand Trade Balance Surges in March, Exceeding Previous Month's Figures by a Wide Margin
  • 2025-04-22 10:00:20
    Moldova Industrial Output Rebounds in February
    2025-04-22 10:00:20
    Sterling Holds at 7-Month High
    2025-04-22 10:00:20
    FTSE 100 Edges Up
    2025-04-22 10:00:20
    TTF Prices Steady as LNG Imports Rise
    2025-04-22 10:00:20
    Silver Pulls Back on Profit-Taking
    2025-04-22 10:00:20
    Turkey Consumer Confidence Weakens in April
    2025-04-22 10:00:20
    South Africa Leading Index Drops 0.2% MoM
    2025-04-22 10:00:20
    South Africa's Leading Economic Indicators Show Slight Decline in February
    2025-04-22 10:00:20
    Turkey's Consumer Confidence Dips in April: A Sign of Caution Amid Economic Uncertainty
    2025-04-22 10:00:20
    Switzerland Sees Slight Increase in M3 Money Supply for March 2025
  • 2025-04-22 10:00:20
    Malaysia's FX Reserves See Growth amid Economic Resilience
    2025-04-22 10:00:20
    Copper Climbs Higher on Weaker Dollar
    2025-04-22 10:00:20
    Swedish Jobless Rate Drops to 3-Month Low
    2025-04-22 10:00:20
    Danish Consumer Sentiment Falls to 2-Year Low
    2025-04-22 10:00:20
    Morocco Inflation Rate at 3-Month Low of 1.6%
    2025-04-22 10:00:20
    Danish Consumer Confidence Dips Further in April
    2025-04-22 10:00:20
    Sweden's Unemployment Rate Sees Encouraging Drop in March
    2025-04-22 10:00:20
    European Markets Head Lower After Long Break
    2025-04-22 10:00:20
    Japan 10-Year Yield Edges Higher
    2025-04-22 10:00:20
    India Shares Maintain Upside Momentum
  • 2025-04-22 10:00:20
    New Zealand Shares Close Lower
    2025-04-22 10:00:20
    Palm Oil Snaps Six-Session Losing Streak
    2025-04-22 10:00:20
    Japan's Core CPI Holds Steady at 2.2% for April 2025, Meeting Expectations
    2025-04-22 10:00:20
    Dutch Consumer Mood Falls to 17-Month Low
    2025-04-22 10:00:20
    Dutch Consumer Confidence Dips Further, Hits -37.0 in April 2025
    2025-04-22 10:00:20
    US 10-Year Yield Holds Advance
    2025-04-22 10:00:20
    India Slaps 12% Temporary Tariff on Steel Imports
    2025-04-22 10:00:20
    Offshore Yuan Dips as US-China Tensions Rise
    2025-04-22 10:00:20
    Australian Dollar Hits 4-Month High
    2025-04-22 10:00:20
    Kiwi Dollar Climbs to Over 5-Month High
  • 2025-04-22 10:00:20
    India, US to Hold Key Trade Talks This Week
    2025-04-22 10:00:20
    Yen Supported by Safe-Haven Demand
    2025-04-22 10:00:20
    South Korean Won Slips Ahead of US Trade Talks
    2025-04-22 10:00:20
    PBoC Pushes Yuan Use in Global Trade Amid Rising Tensions
    2025-04-22 10:00:20
    China Stocks Mixed Amid Lingering Trade Tensions
    2025-04-22 10:00:20
    Gold Hits Fresh Record
    2025-04-22 10:00:20
    Hong Kong Equities Slip After Wall Street Sell-Off
    2025-04-22 10:00:20
    Dollar Languishes at 3-Year Low
    2025-04-22 10:00:20
    South Korean Shares Edge Higher
    2025-04-22 10:00:20
    US Imposes New Solar Tariffs on Southeast Asian Imports
  • 2025-04-22 10:00:20
    Oil Gains on Technical Rebound
    2025-04-22 10:00:20
    Australian Shares Slide in Post-Holiday Trading
    2025-04-22 10:00:20
    Japanese Shares Slip on Weak Wall Street Cues
    2025-04-22 10:00:20
    US Futures Steady After Sharp Selloff
    2025-04-22 10:00:20
    New Zealand Stocks Under Pressure After Wall Street Rout
    2025-04-22 10:00:20
    New Zealand Trade Surplus Doubles in March
    2025-04-22 10:00:20
    New Zealand's Export Surge: March 2025 Sees a Remarkable Increase to $7.59 Billion
    2025-04-22 10:00:20
    New Zealand's Imports Surge Amid Economic Adjustments: March 2025 Data Reveals Rising Trend
    2025-04-22 10:00:20
    New Zealand's Trade Deficit Narrows Slightly in March
    2025-04-22 10:00:20
    New Zealand Trade Balance Surges in March, Exceeding Previous Month's Figures by a Wide Margin
  • 2025-04-22 10:00:20
    Moldova Industrial Output Rebounds in February
    2025-04-22 10:00:20
    Sterling Holds at 7-Month High
    2025-04-22 10:00:20
    FTSE 100 Edges Up
    2025-04-22 10:00:20
    TTF Prices Steady as LNG Imports Rise
    2025-04-22 10:00:20
    Silver Pulls Back on Profit-Taking
    2025-04-22 10:00:20
    Turkey Consumer Confidence Weakens in April
    2025-04-22 10:00:20
    South Africa Leading Index Drops 0.2% MoM
    2025-04-22 10:00:20
    South Africa's Leading Economic Indicators Show Slight Decline in February
    2025-04-22 10:00:20
    Turkey's Consumer Confidence Dips in April: A Sign of Caution Amid Economic Uncertainty
    2025-04-22 10:00:20
    Switzerland Sees Slight Increase in M3 Money Supply for March 2025


Can't speak right now?
Ask your question in the chat.
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaSpot anyway.

We are sorry for any inconvenience caused by this message.