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Brent rises to session highs above $82.50 even as IEA lower demand forecast
The international Energy Agency (IEA) have just lowered their 2024 demand forecast by 100 BPD (Barrels Per Day). That takes it to around 960k BPD. However, at the same time the IEA have estimated growth at 1 million BPD for 2025. The impact of this news has not dented the oil markets though. Perhaps they were expecting a bigger reduction? The are no clues on that here, but whatever the reason, the oil price is no lower right now. Brent for August delivery is just now rising to session highs above $82.50
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