Oil prices settled higher Thursday, buoyed by a Federal Reserve-induced slump in dollar and the International Energy Agency’s brighter outlook for demand next year.
By 14:30 ET (19.30 GMT), the U.S. crude futures settled 3% higher at $71.58 a barrel and the Brent contract climbed 3.2% to $71.58 a barrel.
IEA lifts 2024 global oil demand forecast
The crude market received a boost Thursday with the IEA raising its forecast for global oil consumption in its monthly report, saying it will rise by 1.1 million barrels per day, up 130,000 barrels a day from its previous forecast, citing an improvement in the outlook for the United States and lower oil prices.
