US September 14 2023 : Oil prices rose slightly on Thursday after falling slightly in pre-market trading as markets refocused on expectations for tight oil supplies for the remainder of 2023.
Brent futures, the international benchmark, rose 17 cents to $92.05 a barrel, US West Texas Intermediate (WTI) crude oil was up 19 cents to $88.71.
The International Energy Agency (IEA) said on Wednesday that Saudi Arabia and Russia's extension of oil production cuts until the end of 2023 will mean a significant market deficit through the fourth quarter, largely sticking to this year's demand growth forecast.
The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday maintained its forecast for solid growth in global oil demand in 2023 and 2024.
Both indexes rose to 10-month highs on Wednesday as markets worried about demand ahead of data showing an unexpected rise in U.S. crude and fuel inventories. U.S. crude oil inventories rose by 4 million barrels last week, more than the 1.9 million barrel decline expected by analysts polled by Reuters. Fuel inventories also increased more than expected as refinery activity increased.
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