WTI oil prices rose more than 1%, approaching the $78 level, in response to a report from the Organization of the Petroleum Exporting Countries (OPEC), which predicted strong oil demand in 2024 and 2025.
At 12:09 Thai time, the price of West Texas crude oil (WTI) for delivery in March. it added $0.98 or 1.27% to $77.90/barrel.
OPEC released a report on oil market conditions for February. He said world oil demand will increase by 2.25 million barrels/day in 2024 and 1.85 million barrels/day in 2025.
The forecast had not changed since a report released in January.
Additionally, OPEC said the global economy is expanding strongly. It is expected that there will be an expansion of 2.7% in 2024 and 2.9% in 2025, from the previous forecast of 2.6% and 2.8%, respectively, driven by slowing inflation.
Meanwhile, OPEC revealed that OPEC oil production fell by 350,000 barrels per day in January. to a level of 26.34 million barrels per day while member countries voluntarily reduce production capacity
Investors are worried about the situation in the Middle East. after Israel rejected a ceasefire offer from Hamas. and attacked the city of Rafah Meanwhile, the Houthis continue to fire missiles at cargo ships in the Red Sea.
In addition, investors are still keeping an eye on the war between Russia and Ukraine. This may affect the supply of oil in the market.
Meanwhile, the market will keep an eye on the American Petroleum Institute (API) crude oil inventory release today ahead of the US Energy Information Administration (EIA) release tomorrow.
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