Ice Brent crude futures rose today, as markets await the US Federal Reserve's decision on interest rate.
The Ice front-month August Brent contract was at $75.32/bl at 11:40 GMT, up by $1.03/bl from its settlement on 13 June when the contract ended $2.45/bl higher.
The Nymex front-month July WTI crude contract was at $70.33/bl, up by 91¢/bl from its settlement on 13 June when the contract ended $2.30/bl higher.
US consumer price gains slowed to a 4pc annual rate in May, the lowest rate since March 2021, boosting the odds the Federal Reserve may skip a rate increase at its policy meeting today.
The IEA sees oil demand growing up to 2028 and peaking in 2030. Its Oil 2023 medium-term outlook forecasts global oil demand growing from 99.8mn b/d in 2022 to 105mn b/d in 2028. Beyond that the agency is "pretty confident" demand would peak by the end of the decade.
Opec kept its global oil demand forecast for 2023 broadly unchanged for a fourth consecutive month, in its latest Monthly Oil Market Repor (MOMR). The group nudged up its oil demand growth projection by 20,000 b/d to 2.35mn b/d for the year. The increase was largely driven by a 40,000 b/d upwards revision to China's demand growth, which was partially offset by a 30,000 b/d downwards revision in Europe. The group sees total oil demand for 2023 at 101.91mn b/d.

