NEW YORK, Dec 15 — Oil prices gained on Wednesday after the International Energy Agency (IEA) increased its global oil demand growth estimate for this year and the next, reported Xinhua.
The West Texas Intermediate for January delivery increased 1.89 US dollars, or 2.5 per cent, to settle at 77.28 dollars a barrel on the New York Mercantile Exchange. Brent crude for February delivery rose 2.02 dollars, or 2.5 per cent, to close at 82.7 dollars a barrel on the London ICE Futures Exchange.
In its closely-watched monthly report released on Wednesday, the IEA said it expects oil demand to grow by 2.3 million barrels per day (b/d) in 2022, a 140,000 b/d increase over its previous estimate.
Demand growth in 2023 is expected at 1.7 million b/d, an upward revision of 100,000 b/d compared to the November estimates, showed the report.
Traders also digested data on US fuel stockpiles.
The US Energy Information Administration on Wednesday said the country’s commercial crude oil inventories increased by 10.2 million barrels during the week ending Dec 9, while total motor gasoline stocks and distillate fuel inventories increased by 4.5 million barrels and 1.4 million barrels, respectively.
