WASHINGTON (dpa-AFX) - Oil prices were moving higher on Thursday following three consecutive sessions of losses on concerns over weakening global demand.
The upside, however, remain limited after the International Energy Agency (IEA) said the OPEC+ plan last week to cut output could tip the global economy into recession.
Benchmark Brent crude futures rose half a percent to $92.92 a barrel while WTI crude futures were up 0.4 percent at $87.60.
'The relentless deterioration of the economy and higher prices sparked by an OPEC+ plan to cut supply are slowing world oil demand,' the Paris-based agency, which includes the United States and other top consumer countries, said.
Separately, the Organization of Petroleum Exporting Countries slashed its global oil demand forecast for 2022 and 2023, just a week after the group and its allies agreed to cut oil supply by 2 million barrels per day.
In its closely watched Monthly Oil Market Report released today, OPEC revised down its estimate of global oil demand growth for 2022 by 460,000 barrels per day (bpd), citing slowing growth, the resurgence of China's Covid-19 containment measures and inflationary pressures.
Meanwhile, industry body American Petroleum Institute reported a large build this week for crude oil of 7.054 million barrels, raising fears of sluggish demand at the world's largest consumer. Official inventory data from the Energy Information Administration will be out later in the day.
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2022 AFX News
