INA- SOURCES
Oil prices edged lower on Friday but were on track to gain nearly 4 percent for the week, boosted by the International Energy Agency revising its 2024 oil demand forecasts higher and an unexpected decline in US stockpiles.
Brent crude oil futures fell 25 cents or 0.3 percent to $85.17 a barrel at 8:33 a.m. Saudi time, after crossing $85 a barrel for the first time since November on Thursday. US West Texas Intermediate crude fell 22 cents or 0.3 percent to $81.04.
The IEA on Thursday raised its view on 2024 oil demand for a fourth time since November as Houthi attacks disrupt Red Sea shipping.
World oil demand will rise by 1.3 million barrels per day in 2024, the IEA said in its latest report, up 110,000 bpd from last month. It forecast a slight supply deficit this year after OPEC and its allies, known as OPEC+, extended cuts, from a surplus previously.
In the US, some signs of slowing economic activity were seen as unlikely to spur the Federal Reserve to start cutting interest rates before June as other data on Thursday showed a larger-than-expected increase in producer prices last month.
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