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10/07/24
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Crude Prices Steady on OPEC Keeping Demand Forecasts the Same
On Wednesday, crude prices were steady as OPEC kept its growth forecast for oil demand for this and next year the same, while U.S. gasoline and crude inventories likely declined last week.
Brent futures were 1 cent, or 0.01% higher at $84.67 per barrel, after dropping 1.3% in the previous session.
U.S. West Texas Intermediate crude was 11 cents, or 0.11% higher at $81.52 per barrel, after dropping 1.1% in the previous session.
In a monthly report on Wednesday, OPEC kept its 2024 and 2025 oil demand growth forecasts at 2.25M barrels per day and 1.85M bpd, respectively.
OPEC said in the report it anticipated strong air travel and mobility in the Northern Hemisphere during the summer season would bolster demand for transportation fuels and drive growth in the U.S.
Market sources cited American Petroleum Institute figures on Tuesday and said U.S. crude oil inventories declined by 1.923M barrels and gasoline by 2.954M barrels.
The U.S. Energy Information Administration’s official data will be released later today.
Both contracts closed the prior 3 sessions lower on indications that the Texas energy industry came off Hurricane Beryl relatively unscathed.
On Tuesday, oil and gas companies restarted several operations. Some ports have reopened, and many producers were increasing output.
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