Oil settles higher, investors focus on fuel-stock draw

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The Star 2h ago

Oil settles higher, investors focus on fuel-stock draw - The Star

Quick Summary:

Oil prices closed slightly higher in choppy trading on Thursday, as a steep draw in US fuel stocks outweighed oversupply concerns and demand worries stemming from a stronger dollar.

Capping oil-price gains, however, was a 2.1-million barrel rise in US crude inventories last week, much more than analysts' expectations for a 750,000-barrel rise.

The Paris-based agency raised its 2024 demand growth forecast by 60,000 barrels per day to 920,000 bpd, and left its 2025 oil demand growth forecast little changed at 990,000 bpd.