Oil rises, logs weekly gains after IEA predicts record demand

After 116 past bullish report events, Crude Oil (Brent) moved a median +1.3% over 5 sessions (66% higher; middle half -1.0% to +3.1%), and +2.0% over 20.

• Mar 14, 2024IEA raises oil demand outlook again but still lags OPEC | Reuters+2.2%
• Jun 30, 2021Oil rises on lower U.S. stockpiles, demand recovery - Markets - Business Recorder+0.1%
• Aug 25, 2021Oil rises on US fuel demand, extends rally+2.9%
• Sep 10, 2024US EIA lifts oil demand forecast, says prices will recover to above $80/bbl | Reuters+1.7%
• Aug 1, 2023EIA forecasts crude oil prices will increase through 2024 as demand rises above supply+0.6%

After 131 past bullish report events, Crude Oil (WTI) moved a median +1.2% over 5 sessions (60% higher; middle half -1.3% to +3.4%), and +2.9% over 20.

• Jun 30, 2021Oil rises on lower U.S. stockpiles, demand recovery - Markets - Business Recorder-1.2%
• Aug 25, 2021Oil rises on US fuel demand, extends rally+1.4%
• Sep 10, 2024US EIA lifts oil demand forecast, says prices will recover to above $80/bbl | Reuters+2.1%
• Aug 1, 2023EIA forecasts crude oil prices will increase through 2024 as demand rises above supply+0.2%
• Feb 12, 2018Brent Crude, West Texas Intermediate, OPEC Says Oil Demand to Rise - Markets Insider+4.4%