U.S. EIA Raises Forecast For 2024 World Oil Demand Growth By 180,000 Barrels/Day, Now Sees 1.10M Barrels/Day YoY Increase; Raises Forecast For 2025 World Oil Demand Growth By 80,000 Barrels/Day, Now Sees 1.50M Barrels/Day YoY Increase
Portfolio Pulse from Benzinga Newsdesk
The U.S. Energy Information Administration (EIA) has raised its forecast for world oil demand growth in 2024 by 180,000 barrels per day, now expecting a year-over-year increase of 1.10 million barrels per day. Additionally, the EIA has increased its forecast for 2025 world oil demand growth by 80,000 barrels per day, now anticipating a year-over-year increase of 1.50 million barrels per day.
June 11, 2024 | 4:05 pm
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The U.S. EIA has raised its forecast for world oil demand growth in 2024 and 2025, which is likely to positively impact the United States Oil Fund (USO) as higher demand forecasts typically lead to higher oil prices.
The increase in forecasted oil demand growth by the EIA suggests a stronger market for oil in the coming years. This is likely to benefit USO, which tracks the price of oil, as higher demand typically leads to higher prices.
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