Oil prices rose on Wednesday, on expectations of strong global demand, including from the United States, the world's largest crude consumer, and with steady U.S. inflation somewhat weighing on expectations that the Federal Reserve may start cutting interest rates soon.
Brent crude futures for May delivery rose 58 cents, or 0.71 percent, to $82.50 a barrel. The U.S. West Texas Intermediate crude contract for April rose 59 cents, or 0.76 percent, to $78.15.
The Organization of the Petroleum Exporting Countries (OPEC) stuck to its forecast of strong global oil demand growth of 2.25 million barrels per day in 2024 and 1.85 million in 2025.
Source (Al-Arabiya.net Website, Edited)
