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World oil demand will rise faster than expected next year, the International Energy Agency (IEA) said on Thursday, a sign that the outlook for near-term oil use remains robust despite this week's COP28 agreement to transition away from fossil fuels.
World consumption will rise by 1.1 million barrels per day(bpd) in 2024, the Paris-based IEA said in a monthly report, up 130,000 bpd from its previous forecast, citing an improvement in the outlook for the United States and lower oil prices.
The 2024 upward revision reflects "a somewhat improved GDP outlook compared with last month's report," the IEA said. "This applies especially to the U.S. where a soft landing is coming into view."
Oil prices rose on Thursday, extending the previous session's gains, boosted by a weaker dollar, and as the IEA lifted its oil demand forecast for next year. World oil consumption will rise by 1.1 million bpd in 2024, the IEA said in a monthly report, up 130,000 bpd from its previous forecast, citing an improvement in the outlook for the United States and lower oil prices. The 2024 estimate is less than half the forecast of OPEC. A weaker dollar after the U.S. central bank signaled lower borrowing costs for 2024 also boosted prices.
Natural gas futures are higher by a penny, trading around $2.35, with weekly inventory data due this morning. Analysts expect a draw of 52 bcf. Near-term domestic production is moderating, while warmer-than-average December temperatures remain a headwind.
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