# Oil prices rise on global demand forecasts, US crude stock draw

> Oil rose on Wednesday after the IEA and OPEC forecast strong 2024 global demand growth. A larger-than-expected U.S. crude inventory draw and Middle East risks, including Pakistan-Iran strikes, also supported prices, with Brent at $79.13.

- Date: 2024-01-18 · published 2024-01-18T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/32278-oil-prices-rise-on-global-demand-forecasts-us-crude-stock-draw
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Upgraded demand forecasts tighten the crude balance and support energy-linked input costs. Higher crude supports biofuel economics that can underpin vegetable oil demand.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2024-01-30 | [Crude oil prices today: WTI, Brent rise after IMF forecast](https://feedsoft.ai/events/32274-crude-oil-prices-today-wti-brent-rise-after-imf-forecast.md) | -5.2% | +3.1% |
| WTI | 2021-10-15 | [Oil prices rise to three-year high on back of supply deficit forecasts](https://feedsoft.ai/events/44716-oil-prices-rise-to-three-year-high-on-back-of-supply-deficit-forecasts.md) | +1.5% | +0.1% |
| WTI | 2026-05-28 | [Palm Oil Prices Rise As Crude Oil Gains - Finimize](https://feedsoft.ai/events/19380-palm-oil-prices-rise-as-crude-oil-gains-finimize.md) | +8.1% | -20.5% |
| WTI | 2020-10-30 | [Crude futures rise on ECB stimulus expectations, robust US economic data \| S&P Global](https://feedsoft.ai/events/50820-crude-futures-rise-on-ecb-stimulus-expectations-robust-us-economic-data-s-and-p.md) | +7.3% | +26.5% |
| WTI | 2023-03-31 | [Oil Rises On Cooling US Inflation, Lower Global Supplies](https://feedsoft.ai/events/37043-oil-rises-on-cooling-us-inflation-lower-global-supplies.md) | +8.6% | +3.3% |
| BRENT | 2024-01-30 | [Crude oil prices today: WTI, Brent rise after IMF forecast](https://feedsoft.ai/events/32274-crude-oil-prices-today-wti-brent-rise-after-imf-forecast.md) | -5.5% | +0.1% |
| BRENT | 2021-10-15 | [Oil prices rise to three-year high on back of supply deficit forecasts](https://feedsoft.ai/events/44716-oil-prices-rise-to-three-year-high-on-back-of-supply-deficit-forecasts.md) | +0.8% | -0.9% |
| BRENT | 2026-04-30 | [Global energy costs rise as Iran war affects Brent crude oil price \| AP News](https://feedsoft.ai/events/19893-global-energy-costs-rise-as-iran-war-affects-brent-crude-oil-price-ap-news.md) | -15.3% | -21.9% |

## Sources

- cnbc.com: https://www.cnbc.com/2024/01/18/oil-prices-edge-higher-on-opec-demand-estimate-while-cold-hits-us-output.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.