Crude oil futures rose Tuesday after OPEC stuck to its demand outlook for the year and as traders assessed the latest inflation data out of the US.
The West Texas Intermediate contract for April gained 31 cents, or 0.4%, $78.24 a barrel. The Brent contract for May added 26 cents, or 0.32%, to $82.47 a barrel.
OPEC held to its forecast for 2024, with oil demand expected to grow by 2.2 million barrels per day, according to the cartel’s latest report. Crude supply outside OPEC is expected to grow by 1.1 million bpd this year, according to the report.
OPEC’s forecast implies an oil market deficit this year unless the cartel and its allies unwind production cuts of 2.2 million barrels per day. Those cuts will remain in place at least through the second quarter.
Inflation in the U.S., meanwhile, increased 0.4% in February and 3.2% from a year ago, according to the latest …