- Oil prices ticked higher on Wednesday on upbeat global demand views from the U.S. Energy Information Administration and OPEC.
The EIA raised its 2024 world oil demand growth forecast to 1.10 million barrels per day from a previous estimate of 900,000 bpd, while the Organization of the Petroleum Exporting Countries maintained its 2024 forecast for relatively strong growth in global oil demand, citing expectations for travel and tourism in the second half.Prices had eased more than 2% last week after OPEC and its allies said they would phase out output cuts starting October.
U.S. crude oil stocks fell by 2.428 million barrels in the week ended June 7, according to market sources citing American Petroleum Institute figures. Inventories were expected to have fallen by slightly over one million barrels last week, a preliminary Reuters poll showed.Investors also looked forward to the Consumer Price Index report, which will be released before the bell on Wednesday, and the U.S. central bank's policy announcement, due later the same day.