Oil prices growing after IEA report’s publication

Global oil prices are rising at a slightly higher pace than in the morning, while investors assess the report of the International Energy Agency (IEA) on the situation in the oil market, according to trading data, Report informs.

The price of November futures for Brent crude oil rose by 0.79 percent, to $74.09 per barrel, October futures on WTI rose by 0.74 percent, to $70.97 per barrel.

Investors’ attention focused on the IEA report, in which, in particular, the organization estimated the losses in oil production due to Hurricane Ida at about 30 million barrels.

In addition, the IEA reported that global oil production in August fell by 0.54 million barrels per day compared to July, to 96.1 million barrels per day.

The agency also downgraded the forecast for global oil demand for the year and now expects its growth by 5.2 million barrels per day, and by 3.2 million barrels per day next year.