Oil rises, with support from the International Energy Agency raising demand expectations


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Oil rises with the support of the International Energy Agency to raise demand expectations, today Saturday 11 July 2020 12:26 in the morning

Oil prices increased by more than 2 percent, on Friday, after the International Energy Agency raised its forecast for demand in 2020, but increased cases of Coronavirus in the United States undermined expectations.

Prices were also supported after data showed, US energy companies cut the number of operating oil and gas rigs to a record low for the tenth week in a row.

And Brent crude was settled, up 89 cents, equivalent to two percent, to $ 43.24 a barrel, and US crude was settled at an increase of 93 cents, or 2.4 percent, to $ 40.55 a barrel.

On a weekly basis, US crude remained little changed, while Brent made a weekly gain of about 1 percent.

In addition, the Paris-based agency raised its demand forecast to 92.1 million bpd, up 400,000 bpd from its forecast last month, attributing this to a lower-than-expected pace in the second quarter of the year.

Prices had fallen earlier in the session after the National Oil Corporation of Libya announced that it had raised the force majeure condition it imposed on all oil exports.

A group of economic data indicated a recovery in business activity in the United States in June, knowing that US oil stocks rose by about 6 million barrels last week after analysts expected it to drop by about half of that number.

Source: Reuters

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