Oil Prices Rise on Rate Expectations But Demand Concerns Limit Gains
-
Oil prices rose on Thursday, reversing earlier falls, on expectations of peaking U.S. interest rates.
-
However, lower oil demand growth forecast for 2024 by IEA and higher U.S. inventories limited gains.
-
Saudi and Russian energy ministers reiterated collaboration to balance oil markets.
-
IEA lowered 2024 oil demand growth forecast to 880,000 bpd from 1 million bpd previously.
-
U.S. crude stockpiles rose much higher than expected, stoking worries of slowing fuel demand.
![](https://www.reuters.com/resizer/EA__Ubqa2dXw9cMhU1U5wtNgluk=/1200x628/smart/filters:quality(80)/cloudfront-us-east-2.images.arcpublishing.com/reuters/3CXUQK3EM5JGRHTP2I455XGY3I.jpg)