Oil rises on strong demand in US

11/07/2024 Argaam

Oil prices rose in early session today, July 11, supported by a strong demand in the United States during the summer, as the country's crude inventories fell last week contrary to expectations. 

 

Brent crude was trading up 0.80% at $85.76 per barrel at 08:02 am Makkah time. West Texas Intermediate (WTI) crude rose 0.80% to $82.76 per barrel. 

 

US Energy Information Administration data release on July 10 showed that US oil inventories fell by 3.4 million barrels last week, compared to expectations for an increase of 700,000 barrels. 

 

Meanwhile, in its monthly report OPEC maintained its expectations for global oil demand growth during 2024 and 2025 at 2.2 million barrels per day and 1.8 million barrels per day, respectively. 

 

Investors are awaiting the release of the International Energy Agency’s report today. 

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