BUSINESS Oil prices rise as traders assess demand outlook

BUSINESS

Oil prices rise as traders assess demand outlook

Xinhua

07:13, November 16, 2022

NEW YORK, Nov. 15 (Xinhua) -- Oil prices finished higher on Tuesday as market participants assessed the prospects for global oil demand.

File photo: AFP

The West Texas Intermediate for December delivery added 1.05 U.S. dollars, or 1.2 percent, to settle at 86.92 dollars a barrel on the New York Mercantile Exchange. Brent crude for January delivery increased 72 cents, or 0.8 percent, to close at 93.86 dollars a barrel on the London ICE Futures Exchange.

In its monthly oil market report released on Tuesday, the International Energy Agency noted an array of "headwinds" and a particularly tight diesel market.

The Paris-based energy watchdog raised its full-year oil demand growth estimate for 2022, but lowered its global oil demand growth estimate for 2023.

Earlier, the Organization of the Petroleum Exporting Countries lowered its oil demand growth estimates for both 2022 and 2023 in its monthly oil market report published on Monday.

Traders also awaited data on U.S. fuel stockpiles as the U.S. Energy Information Administration will release its weekly petroleum status report on Wednesday. Analysts surveyed by S&P Global Commodity Insights expect the report to show a decline of 400,000 barrels in U.S. crude supplies for the week ending Nov. 11.

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