LONDON, Nov 14 Reuters Oil prices edged higher on Tuesday after the International Energy Agency IEA raised its demand growth forecasts, adding to bullish sentiment from the previous day39;s OPEC guidance.
Brent crude futures gained 20 cents, or 0.2, to 82.72 a barrel by 0918 GMT. U.S. WTI crude futures climbed 21 cents, or 0.3, to 78.47.
The IEA raised its oil demand growth forecasts for this year and next despite an expected slowdown in economic growth in nearly all major economies.
The agency39;s 2023 growth forecast was lifted to 2.4 million barrels per day bpd from 2.3 million bpd. For 2024, it raised the forecast to 930,000 bpd from 880,000 bpd.
The Organization of the Petroleum Exporting Countries OPEC on Monday blamed speculators for a recent drop in prices. The oil producer group made a slight upward revision to its forecast for 2023 global oil demand growth and stuck to its relatively high projection for 2024.
The central bank of the oil market sees a sturdy economy resulting in strong demand, not just for its oil but globally, too, PVM Oil analyst Tamas Varga said of OPEC39;s findings.
Oil prices had slid last week to their lowest since July, hurt by concerns that demand could wane in top consumers the United States and China. Chinese consumer prices swung lower in October to levels not seen since the COVID19 pandemic and exports for the month contracted more than forecast.
Meanwhile, the U.S. energy department plans to buy 1.2 million barrels of oil to…