YEREVAN, September 13. /ARKA/. Crude futures posted modest gains on Thursday as the International Energy Agency issued an upbeat forecast for global oil demand next year.
Crude oil for October delivery CLV3 -0.47% rose $1.04, or 1%, to settle at $108.60 a barrel on the New York Mercantile Exchange.
October Brent crude UK:LCOV3 -0.37% , the European oil-price benchmark, rose $1.13, or 1%, to end at $112.63 a barrel on ICE Futures.
Global oil demand is expected to grow by 1.1 million barrels a day, or 1.2%, next year to 92 million barrels a day, “as the underlying economic situation continues to improve,” the International Energy Agency said in its month oil market report on Thursday.
The report noted that North American oil production is expected to grow 510,000 barrels a day in the third quarter, but sounded a little less optimistic about Libya.
“Global oil markets remain relatively well supplied, despite the sharply lower production numbers from Libya, Syria and much of the North Sea, as robust supply gains in Saudi Arabia and North America compensate,” Matthew Parry, senior oil analyst at the IEA who was among the authors of the monthly oil report, told MarketWatch.
“Short-term geopolitical tensions, of course remain a concern, but the overall the market fundamentals look reasonably secure,” he said. –0--