Oil prices steadied on Thursday after the International Energy Agency raised its oil demand growth forecast for 2022 as soaring gas prices drive some consumers to switch to oil.
“Natural gas and electricity prices have soared to new records, incentivising gas-to-oil switching in some countries,” the Paris-based agency said in its monthly oil report, in which it raised its outlook for 2022 demand by 380,000 barrels a day . US crude oil stocks rose by 5.5-million barrels in the most recent week, the US Energy Information Administration said, more than the expected increase of 73,000 barrels.
The premium for front-month WTI futures over barrels loading in six months’ time was pegged at $4.38 a barrel on Thursday, the lowest in four months, indicating easing tightness in prompt supplies.
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