Oil prices edged higher on Friday on optimism from the OPEC producer group that oil demand will be robust in 2024 as it also nudged up its expectations for global economic growth.Brent crude rose 7 cents to settle at $86.47 a barrel at 0017 GMT, while U.S. West Texas Intermediatecrude futures gained 12 ce
Oil prices edged higher on Friday on optimism from the OPEC producer group that oil demand will be robust in 2024 as it also nudged up its expectations for global economic growth.
Both benchmarks have been on a sustained rally since June, with West Texas Intermediate crude trading on Thursday at its highest this year and Brent hitting its best price since January. The Organization of the Petroleum Exporting Countries said on Thursday it expects world oil demand to rise by 2.25 million barrels per day in 2024, compared with growth of 2.44 million bpd in 2023. Both forecasts were unchanged from last month.
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