1/18, 10:59 AM (Source: TeleTrader)
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Oil up by more than 1.5% after IEA's report

The prices of oil futures recorded gains on Wednesday after the International Energy Agency (EIA) published its newest report in which it predicted the global demand for crude will rise by 1.9 million barrels per day (bpd) in 2023, while the supply growth will go down to one million bpd.

The IEA also warned that a potential reintroduction of coronavirus-related restrictions in China and sanctions imposed on Russian energy products could pose as risks to the global market.

West Texas Intermediate (WTI) for deliveries in February rose by 1.70% at 4:46 am ET to sell for $81.72 per barrel. A minute later, Brent for settlements in March went up by 1.64% to go for $87.27 per barrel.

Baha Breaking News (BBN) / JR