Oil prices edge up amid lower demand predictions and higher U.S. inventories

(MENAFN) Oil prices were shifted a bit in Asian trade on Thursday as predicts of lower demand and a higher-than-predicted increase in U.S. gasoline and Gains from a new round of EU sanctions that threatened Russian oil flows were offset by distillate inventories.

Brent crude futures rose 14 cents at USD73.66 a barrel at 0519 GMT. U.S. West Texas Intermediate crude futures increased 6 cents to USD70.35. Both benchmarks inclined over USD1 each on Wednesday.

OPEC reduced its demand growth predicts for 2025 for the fifth upright month on Wednesday and by the hugest amount yet.

"Investors will be closely monitoring the IEA's market balance estimates for 2025, which will reflect OPEC's recent announcement," specialists at ANZ declared in a statement on Thursday.

In the globe’s highest oil user, the United States, gasoline and distillate inventories inclined by more than predicted previous week, in accordance with the info from the Energy Information Administration.

MENAFN15122024000045016953ID1108994070