The price of Brent exceeded $87 per barrel after the publication of the IEA report

The price of oil accelerated its growth after the publication of the report of the International Energy Agency with an improved forecast of global fuel demand.

The current price of Brent oil is $87.30 per barrel, North American WTI oil is trading near the level of $81.90 per barrel. WTI has been getting more expensive for the ninth session in a row, which has not been observed since January 2019. At the end of the last session, Brent rose in price by 1.7%, WTI – by 0.4%, due to expectations of accelerated growth of the Chinese economy after the lifting of anti-bullying restrictions.

Meanwhile, the International Energy Agency has raised the forecast for the growth of global oil demand in 2023 by 160 thousand b/d. At the same time, the demand estimate in 2022 compared to the December report was reduced by 80 thousand b/d – to 99.85 million b/ d, and the forecast for the first quarter of 2023 – by 90 thousand b/ d, to 99.65 million b/d.

In the second quarter of 2023, as IEA experts expect, global demand will grow to 100.81 million b/d, in the third – to 102.86 million b /d, and in the fourth – to 103.51 million b / d, updating the historical record.