US oil prices rise on expectations of strong demand

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0il prices climbed on Wednesday, buoyed by optimistic forecasts of robust global demand, particularly in the United States, and despite moderate U.S. inflation figures that did little to alter expectations of potential rate cuts by the Federal Reserve

.- Brent futures for May delivery increased by 46 cents, reaching $82.38 a barrel, representing a 0.6% rise.

– The April U.S. West Texas Intermediate crude contract saw a gain of 47 cents, reaching $78.03, also marking a 0.6% increase.

The Organization of the Petroleum Exporting Countries (OPEC) maintained its projections of strong oil demand growth, forecasting an increase of 2.25 million barrels per day (bpd) in 2024 and 1.85 million bpd in 2025. Additionally, OPEC raised its economic growth outlook for this year.

Source: Reuters

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