IEA Report Drives Oil Market Optimism

Crude oil prices experienced a notable increase on Friday, driven by the latest market analysis from the International Energy Agency (IEA). While the IEA revised its global oil demand growth forecast for 2024 downward, it projected a significant uptick in 2025. The agency anticipates demand growth to rise from 840,000 barrels per day (bpd) to 1.1 million bpd next year, reflecting an average oil consumption of 103.9 million bpd in 2025.

Market Reactions

West Texas Intermediate (WTI) for January delivery climbed 1.16% to $70.84 per barrel at 6:20 am ET. Similarly, Brent crude's February settlements surged by 1.10% to $74.25 per barrel shortly after.