Oil prices surged on Wednesday amid upbeat global demand views from the US Energy Information Administration and OPEC. This was reinforced by industry data showing US 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 US West Texas Intermediate (WTI) crude futures gained 62 cents, or 0.8%, to $78.52, Reuters reported.
The Energy Information Administration 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 OPEC maintained its 2024 forecast for relatively strong growth in global oil demand, citing expectations for travel and tourism in the second half.
