{"id":9414,"date":"2023-05-16T09:44:12","date_gmt":"2023-05-16T13:44:12","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/crude-oil-edges-higher-iea-lifts-2023-demand-forecast\/"},"modified":"2023-05-16T09:44:12","modified_gmt":"2023-05-16T13:44:12","slug":"crude-oil-edges-higher-iea-lifts-2023-demand-forecast","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=9414","title":{"rendered":"Crude oil edges higher; IEA lifts 2023 demand forecast"},"content":{"rendered":"
\n

Investing.com — Oil prices edged higher Tuesday, as traders attempted to balance an improved outlook for global demand from the IEA with weak Chinese economic data.<\/p>\n

By 08:30 ET (12:30 GMT), futures traded 0.2% higher at $71.23 a barrel, while the contract rose 0.2% to $75.34 a barrel.<\/p>\n

The lifted its forecast for global oil demand this year, saying world fuel consumption will increase by 2.2 million barrels a day in 2023, around 200,000 barrels a day more than previously forecast.<\/p>\n

The Paris-based body based this increase on heightened Chinese demand, saying the post-pandemic rebound in the world’s largest crude importer will beat expectations.<\/p>\n

\u201cChinese demand for oil broke new ground in March, vaulting to the highest mark ever recorded,\u201d the agency said, and while there has been a recent slowdown, \u201cthe vast majority of the projected demand recovery is already in train.\u201d<\/p>\n

That said, data released earlier Tuesday offered ample evidence of the patchy recovery in China\u2019s economy, the second largest in the world, as both and data missed expectations for April.\u00a0<\/p>\n

While both readings still advanced at a steady clip from the prior month, their falling behind market expectations further pointed to a staggered recovery in Asia\u2019s largest economy.<\/p>\n

The IEA added that global oil markets will tip into deficit this summer, causing prices to rise, as the Organization of Petroleum Exporting Countries and its partners, a group known as OPEC+, implement a new round of production curbs.<\/p>\n

On the flip side, the agency calculated that Russian shipments of crude and refined oils reached a post-invasion high of 8.3 million barrels a day in April, challenging the rhetoric coming from Moscow about cutting production levels.<\/p>\n

The crude market had received a boost earlier in the session with the confirmation that the U.S. plans to refill its heavily-depleted strategic reserves.<\/p>\n

The U.S. Department of Energy said on Monday it would buy 3 million barrels of crude oil for the Strategic Petroleum Reserve for delivery in August, and asked that offers be submitted by May 31.\u00a0<\/p>\n

The move comes after the Biden administration drew the SPR to its lowest level since 1983 over the past year in a bid to bring down record-high fuel prices spurred by the Russia-Ukraine conflict.<\/p>\n

The , an industry body, is set to release its weekly estimate of U.S. crude stocks later in the session.<\/p>\n

\u00a0<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com — Oil prices edged higher Tuesday, as traders attempted to balance an improved outlook for global demand from the IEA with weak Chinese economic data. By 08:30 ET (12:30 GMT), futures traded 0.2% higher at $71.23 a barrel, while the contract rose 0.2% to $75.34 a barrel. The lifted its forecast for global oil […]<\/p>\n","protected":false},"author":1,"featured_media":9415,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-9414","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nCrude oil edges higher; IEA lifts 2023 demand forecast | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- Oil prices edged higher Tuesday, as traders attempted to balance an improved outlook for global demand from the IEA with weak Chinese\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=9414\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crude oil edges higher; 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