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Oil Prices up Amid Forecasts of 2023 Demand Uptick

Started by Epoch-Times-Bot, Dec 14, 2022, 07:30 AM

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Epoch-Times-Bot

Dec 14, 2022, 07:30 AM
Oil Prices up Amid Forecasts of 2023 Demand Uptick

LONDON—Oil prices rose on Wednesday after OPEC and the International Energy Agency (IEA) both forecast a rebound in demand over the course of next year and as U.S. rate hikes are expected to ease alongside slowing inflation.
Brent crude futures rose 76 cents, or 0.9 percent, to $81.44 per barrel by 1144 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 80 cents at $76.19.
The Brent contract is firmly back in a backwardated market structure whereby front-month loading barrels trade higher than later deliveries, which indicates worries about oversupply are subsiding.
The structure had dipped into contango last week, with front-month deliveries cheaper than later-loading ones....

Source: Oil Prices up Amid Forecasts of 2023 Demand Uptick

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