Thanks to optimistic forecasts by the US Energy Information Administration and OPEC regarding global demand, oil prices rose on Wednesday.

While West Texas Intermediate (WTI) oil futures rose 18 cents, or 0.2%, to $78.10, Brent futures rose 11 cents, or 0.1%, to $82.04 per barrel at 0016 GMT. Prices fell by more than 2% last week after OPEC and its allies said they would gradually cut production starting in October. The EIA raised its forecast for global oil demand growth in 2024 to 1.10 million barrels per day from a previous estimate of 900,000 bpd, while the Organization of Petroleum Exporting Countries (OPEC) maintained its forecast for relatively strong growth in global oil demand