IEA raises global oil growth forecast International oil prices rose on August 11

As the International Energy Agency significantly raised its global oil demand growth forecast this year, the price of international crude oil futures rose in the overnight market, fluctuated higher in the morning of the 11th, narrowed the rise in the afternoon, and rose at the close
.

Light crude futures for September delivery rose $2.
41, or 2.
62%,
to settle at $93.
34 a barrel on the New York Mercantile Exchange by the close of the day.
London Brent crude futures for October delivery rose $2.
20, or 2.
26%, to settle at $99.
60 a barrel
.

The International Energy Agency said in its August oil market report released on the 11th that in view of the sharp increase in demand for power generation oil and the switch from natural gas to oil to boost demand, the forecast for global oil demand growth in 2022 was raised by 380,000 b/d to 2.
1 million b/d
.

Meanwhile, OPEC lowered its forecast for global oil demand growth in 2022 to 3.
1 million b/d from 3.
4 million b/d
previously, in its latest monthly oil market report.
OPEC believes that the outlook for oil demand remains healthy
.

Robert Yawger, head of energy futures at Mizuho Securities USA, said it was incredibly that the IEA report presented a fairly optimistic demand outlook, while OPEC's monthly report was relatively bleak
.

Craig Erlam, senior market analyst at Chubb, said New York crude futures were back above $90 a barrel
.
But that could change
if negotiations on the Iran nuclear deal make progress.
Oil prices in New York have had plenty of support around $87-88 a barrel over the past month, and tight market supply continues to keep prices at very high levels
.