Oil closes positive amid demand growth expectations

Oil drilling rigs

Oil turned higher today, June 12, in light of the World Bank raising its global economic growth forecast to 2.6% this year from 2.4%.

Brent crude futures for August delivery rose 0.35%, or 29 cents, to close at $81.92 per barrel, the highest level since May 29 ($83.43).

WTI crude for July delivery gained 0.2%, or 16 cents, to record $77.90 per barrel—the highest since May 30 ($77.91).

The Organization of the Petroleum Exporting Countries (OPEC) kept its expectations for the growth of global oil demand during the years 2024 and 2025 unchanged, at 2.2 million barrels per day and 1.8 million barrels per day, respectively.

Meanwhile, the US Energy Information Administration (EIA) raised its forecast for global oil demand growth in 2024 to 1.10 million barrels per day, from the previous forecast of 900,000 barrels per day increase compared to last year.

The American Petroleum Institute's report on oil inventories is expected to be issued later today, and the EIA is scheduled to issue official data on inventories on June 12, amid expectations that crude inventories will fall by 1.5 million barrels.