Oil prices up amid IEA’s optimistic oil demand forecasts


    World oil prices are going up on July 14 amid the optimism of investors after the release of the International Energy Agency (IEA) report about the global oil demand.

    The price for September futures of Brent crude oil has increased by 0.04 percent to $48.44 per barrel as of 06:06 (UTC +4).

    This is while the price for August futures of West Texas Intermediate (WTI) has grown by 0.07 percent and stood at $46.11 per barrel.

    For 2017 as a whole, global oil demand is forecast to reach 98 million barrels per day, with growth revised up by 0.1 million barrels per day to 1.4 million barrels per day, the IEA said in its Oil Market Report released July 13.

    Further growth of 1.4 million barrels per day is foreseen for 2018, with global demand reaching 99.4 million barrels per day.