Oil gains after OPEC raises forecast on global demand

Oil drilling rigs

Oil prices extended gains today, Sept. 24, as markets assessed OPEC's higher oil demand forecast amid renewed supply concerns in the US due to weather conditions and China's monetary stimulus plans.

Brent crude futures for November delivery rose 1.7%, or $1.27, to close $75.17 a barrel.

WTI crude futures for November delivery (the most active contract) gained 1.7%, or $1.19, to $71.56 per barrel.

According to its annual World Oil Outlook report, OPEC expects global oil demand to reach 118.9 million barrels per day by 2045, nearly 2.9 million barrels per day higher than forecast in last year's report.

Meanwhile, the US Bureau of Safety and Environmental Enforcement said that about 16% of crude oil production and 11% of natural gas production in the US Gulf of Mexico was shutdown due to Tropical Storm Helene, with wind speeds reaching 75 kilometers per hour.

The American Petroleum Institute's report on oil inventories is expected later today, and the US Energy Information Administration is scheduled to release official inventory data on Sept. 25, amid expectations of a 1.3 million barrel drop in crude inventories.