Oil Prices Rise On Upbeat Demand Forecasts

Crude oil prices rose in Asian pre-noon trade today after OPEC and the International Energy Agency raised their demand forecasts for the year, shaking off EIA’s latest weekly inventory report that estimated a large inventory build in the United States. In its latest Monthly Oil Market Report, OPEC revised its 2023 oil demand projections up to 2.3 million barrels daily earlier this week. That represented a 100,000-bpd change from last month’s forecast. Of this, 2 million bpd in demand growth will come from non-OECD countries, the oil…