WASHINGTON (dpa-AFX) - Oil futures settled higher on Thursday amid expectations of increased demand for oil and tighter supplies.
However, recent data showing a jump in U.S. crude inventories limited the upside in oil prices. The International Energy Agency's forecast of a surplus petroleum production of up to eight million barrels per day by 2030 and the higher-for-longer Fed rate outlook also weighed on prices.
West Texas Intermediate crude oil futures for July ended up by $0.12 at $78.62 a barrel.
Brent crude futures were up $0.31 or 0.38% at $82.91 a barrel a little while ago.
Data from the Energy Information Administration (EIA) showed crude oil inventories jumped by 3.7 million barrels last week, after rising by 1.2 million barrels a week earlier. Economists had expected crude oil inventories to decrease by 1.6 million barrels.
Data showing tamer than expected U.S. consumer price inflation has raised hopes of interest rate cuts by the Fed, although the central bank said on Wednesday that inflation has eased substantially in recent months but still remains too high.
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