Oil prices edge lower but set to end week over 3 per cent higher
Oil prices were lower on Friday but expected to gain over 3% for the week due to the International Energy Agency raising its 2024 oil demand forecasts and a decline in US stockpiles. Brent crude futures were down to .83 a barrel, and US West Texas Intermediate crude was at .70. The IEA increased its 2024 oil demand forecast by 110,000 barrels per day (bpd) to a rise of 1.3 million bpd, citing disruptions from Houthi attacks on Red Sea shipping and forecasting a slight supply deficit if OPEC+ maintains output cuts. US crude stockpiles fell unexpectedly as refineries increased processing and gasoline demand rose. China’s central bank kept a key policy rate unchanged, focusing on currency stability, while signs of slowing economic activity in the US were observed, with no expected Federal Reserve interest rate cuts before June.