Brent crude futures rose $1.48, or 2%, to $76.39 a barrel at 4:56 p.m. GMT. U.S. West Texas Intermediate crude also rose $1.50, or 2.1%, to $72.36.
On Tuesday, the International Energy Agency expected oil demand to exceed supply by 2 million barrels a day in the second half of the year and China to account for about 60% of oil demand growth. in 2023.
“IEA estimates restored optimism to the market this morning,” said Bob Yawger, director of energy futures at Mizuho.
Negotiations over the US debt ceiling have worried market participants, bullish on US President Kevin McCarthy’s statements on Wednesday in which he pledged to avoid what would be a catastrophic default.
Optimism overshadowed the rise in U.S. crude oil inventories of five million barrels in the week ending May 12, the U.S. Energy Information Administration reported today.
Analysts in a Reuters poll expected a drop of 900,000 barrels.
Rising crude inventories added to concerns about growth in the United States, after data showed retail sales rose 0.4% in April, lower than expectations for a rise. by 0.8%.
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