Oil has started to grow steadily

Oil prices are showing solid growth on Wednesday as traders analyze market forecasts and the latest data on oil reserves in the United States. 

The current Brent quote is $83.47 per barrel. The daily high was marked at $83.75. North American WTI oil shows similar dynamics: growth to $79.60 per barrel from $77.65 in the morning. 

In its latest monthly report, OPEC confirmed the forecast for oil demand growth at 2.2 million barrels per day this year and 1.8 million barrels per day next year. In addition, the organization adjusted the estimate of global oil demand in 2023 up by 50 thousand barrels, to 102.21 million barrels per day.

Global oil consumption is expected to increase by 2.25 million barrels per day in 2024, reaching 104.46 million barrels per day, and in 2025 it will grow by 1.85 million barrels per day to 106.3 million barrels per day.

The US Department of Energy has also revised its forecasts for Brent crude oil prices for 2024 and 2025 upwards, due to the continuation of OPEC+ production restrictions. According to updated data from the Energy Information Administration (EIA), the average price for Brent is expected to reach $87 per barrel in 2024, and $84.8 per barrel in 2025.

The market was also supported by the latest data from the American Petroleum Institute (API), which indicated a decrease in oil reserves in the United States last week by 5.521 million barrels. Official data from the US Department of Energy reflected a reduction in reserves by 1.356 million barrels.