Oil forecasters anticipate stock draws in H2 2024 analyst
Both contracts rise by 1 a barrel
Key US data for interest rate cycle expected on Wednesday

LONDON, June 12 Reuters Oil prices ticked higher on Wednesday after three key forecasters predicted that global oil inventories would fall in the second half of 2024, boosting prices.

Brent crude futures were up 76 cents, or 0.9, to 82.68 a barrel at 1005 GMT, while U.S. West Texas Intermediate WTI crude futures were up 86 cents, or 1.1, to 78.76.

Both contracts rose by 1 or more earlier in the session.

The International Energy Agency IEA, the U.S. Energy Information Administration EIA, and producer group the Organization of the Petroleum Exporting Countries OPEC have updated their views on the global oil demandsupply balance for 2024.

Their reports imply limited downside for prices in the second half of the year because all three predict declines in global oil inventories, Tamas Varga of oil broker PVM told Reuters.

Those views were reinforced by industry data on Tuesday showing U.S. crude oil inventories fell more than expected last week.

On Wednesday, although the IEA trimmed its 2024 oil demand growth forecast to just under 1 million barrels per day bpd, citing sluggish consumption in developed countries, the numbers suggest it agrees with OPEC and the EIA that there will be stock draws in the second half of the year, PVM39;s Varga said.

The IEA also predicted oil demand growth would plateau at 105.6 million…