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31.08 - 14:49
Oil prices rise on upbeat demand estimates from OPEC, IEA; Brent at $86/bbl
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₹6,635 per bbl, having swung between ₹6,814 and ₹6,943 per bbl during the session so far, against a previous close of ₹6,873 per barrel. The IEA on Friday warned that global inventories could fall sharply over the rest of 2023, potentially driving prices even higher, though the Paris-based agency expects demand growth to slow to 1 million barrels per day (bpd) in 2024, down 150,000 bpd from its previous forecast.
The Organization of the Petroleum Exporting Countries (OPEC) had also said it expects global oil demand to rise by 2.25 million bpd in 2024, compared with growth of 2.44 million bpd this year. Both forecasts were unchanged from last month.
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