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Oil prices rose slightly in Friday’s trading as markets evaluated the International Energy Agency’s report on global demand for black gold.
Brent crude futures contracts were trading at $79.14 per barrel, an increase of 0.30% from the previous closing price, while US crude futures settled at $74.19 per barrel, an increase of 0.15% from the previous settlement price.
The rise in oil prices came after a report by the International Energy Agency in which it expected global demand for oil to grow in the current year 2024 at a rate of 1.2 million barrels per day, an increase of 180 thousand barrels from its previous estimates.
Prices also received support from US Energy Information Administration data, which indicated a decrease in inventories by 2.5 million barrels during the week ending January 12, compared to expectations of a decrease of 600 thousand barrels.
Source: Agencies