WTI crude oil futures climbed off a six month high attained in the previous week and slumped under $78 per barrel mark. The price of crude oil showed a notable move to the downside during trading on Friday, extending the sharp pullback seen in the previous session. The counter is staying almost flat at $77.40 per barrel in early Asia. Crude for February delivery jumped about 1 percent last week after seeing strong gains on Monday and Wednesday. The price of crude oil has recently been supported by the possibility of supply disruptions due to new sanctions by the U.S. on Russia contributed as well to the rise in oil prices. Meanwhile, International Energy Agency or IEA stated in a latest monthly update that global oil demand rose seasonally in 4Q24, posting robust annual growth of 1.5 mb/d ' the strongest level since 4Q23 and 260 kb/d higher than our previous forecast. OPEC stated in a monthly update that the global oil demand growth forecast for 2025 remains unchanged at 1.4 mb/d. The OECD is forecast to grow by about 0.1 mb/d, while the non-OECD is forecast to grow by about 1.3 mb/d. This robust oil demand growth is expected to continue in 2026. The global oil demand in 2026 is forecast to grow by 1.4 mb/d, y-o-y. Powered by Commodity Insights |