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.