Oil on track to end week about 4% higher
Oil prices edged lower on Friday but were on track to gain nearly 4% for the week, boosted by the International Energy Agency (IEA) revising its 2024 oil demand forecasts higher and an unexpected decline in US stockpiles, QNA reports.
Brent crude oil futures fell 25 cents, or 0.3%, to $85.17 a barrel, after crossing $85 a barrel for the first time since November on Thursday.
US West Texas Intermediate (WTI) crude fell 22 cents, or 0.3%, to $81.04.
The IEA on Thursday raised its view on 2024 oil demand for a fourth time since November. World oil demand will rise by 1.3 million bpd in 2024, the IEA said in its latest report, up 110,000 bpd from last month. It forecast a slight supply deficit this year after OPEC+ members extended cuts, from a surplus previously.
US crude oil stockpiles also fell unexpectedly last week as refineries ramped up processing while gasoline inventories slumped as demand rose, the Energy Information Administration said on Wednesday.