Oil Prices Set for a Strong Weekly Gain on Demand Revisions

Crude oil prices were set for a weekly gain of about 4% after the International Energy Agency became the latest forecaster to suggest oil demand might turn out to be stronger than previously expected this year. The IEA said Thursday that it now expects oil demand this year to grow by 1.3 million bpd, up from 1.2 million bpd last month. The agency cited maritime transport disruptions due to the Houthi attacks in the Red Sea that are adding demand for fuels. The IEA also revised its supply forecast, but downwards. It now expects additional…