Ammon News - Oil prices ticked higher on Wednesday amid upbeat global demand views from the U.S. Energy Information Administration and OPEC, reinforced by industry data showing U.S. crude oil inventories fell more than expected last week.

Brent crude futures rose 50 cents, or 0.6%, to $82.42 a barrel at 0630 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 62 cents, or 0.8%, to $78.52.

The EIA raised its 2024 world oil demand growth forecast to 1.10 million barrels per day from a previous estimate of 900,000 bpd, while the Organization of the Petroleum Exporting Countries (OPEC) maintained its 2024 forecast for relatively strong growth in global oil demand, citing expectations for travel and tourism in the second half.

Prices had eased more than 2% last week after OPEC and its allies said they would phase out output cuts starting October.

Reuters