Baghdad, Oil prices rose today, Monday, after OPEC issued a report that dispelled market concerns about weak demand in the United States and China, which were exacerbated by conflicting signals from the Federal Reserve (the US central bank).
Brent crude futures for January rose 73 cents to $82.16 per barrel after falling one dollar during early trading.
West Texas Intermediate crude futures for December also rose 70 cents to $77.87 a barrel.
The Organization of the Petroleum Exporting Countries (OPEC) raised its expectations, earlier today, for the growth of global oil demand for the current year to 2.5 million barrels per day, a slight increase from its estimates issued last month, supported by strong global growth trends.
OPEC said in its monthly report that global demand for oil in 2024 will grow at a rate of 2.2 million barrels per day, unchanged from the previous month.
Source: National Iraqi News Agency