Crude oil futures ended sharply higher on Thursday as an OPEC report maintained an upbeat world oil demand outlook despite economic weakness. It raised its growth forecast for 2023 and predicted only a slight slowdown in 2024, with China and India expected to keep driving the expansion in fuel use. Meanwhile, a report by the International Energy Agency (IEA) predicted oil demand would hit a record high this year, though broader economic headwinds and interest rate hikes meant the increase would be slightly less than previously anticipated. The Energy Information Agency's forecast that expects the Brent spot price to average $79.34 a barrel this year, and $83.51 a barrel in 2024.
Benchmark crude oil futures for August delivery rose $1.14 or about 1.5 percent to settle at $76.89 a barrel on the New York Mercantile Exchange. Brent crude for September delivery surged $1.25 or 1.6 percent to settle at $81.36 a barrel on London's Intercontinental Exchange.