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Oil climbs as IEA lifts demand growth forecast, US inflation cools

From ca.finance.yahoo.com

Oil prices firmed on Tuesday after the International Energy Agency (IEA) raised its demand growth forecasts, adding to bullish sentiment from the previous day's OPEC guidance, while U.S. data showed inflation in the world's biggest economy was slowing. Brent crude futures were up 61 cents, or 0.7%, to $83.13 a barrel by 1429 GMT. U.S. WTI crude futures climbed 63 cents, or 0.8%, to $78.89. The IEA raised its oil demand growth forecasts for this year and next despite an expected slowdown in economic growth in nearly all major economies. The agency's 2023 growth forecast was lifted to 2.4 million barrels per day (bpd) ... (full story)

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  • Category: Fundamental Analysis