# Oil rises, logs weekly gains after IEA predicts record demand

> Oil settled higher and posted a fourth straight weekly gain after the IEA forecast record global oil demand of 101.9 million bpd in 2023, led by China's recovery. The agency also warned that OPEC+ output cuts could widen the supply deficit.

- Date: 2023-04-14 · published 2023-04-14T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/36561-oil-rises-logs-weekly-gains-after-iea-predicts-record-demand
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A record demand forecast combined with OPEC+ cuts points to a tighter crude market, supporting energy costs and biofuel feedstock values relevant to feed buyers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2024-03-14 | [IEA raises oil demand outlook again but still lags OPEC \| Reuters](https://feedsoft.ai/events/31376-iea-raises-oil-demand-outlook-again-but-still-lags-opec-reuters.md) | +2.2% | +7.9% |
| BRENT | 2021-06-30 | [Oil rises on lower U.S. stockpiles, demand recovery - Markets - Business Recorder](https://feedsoft.ai/events/46757-oil-rises-on-lower-u-s-stockpiles-demand-recovery-markets-business-recorder.md) | +0.1% | -0.5% |
| BRENT | 2021-08-25 | [Oil rises on US fuel demand, extends rally](https://feedsoft.ai/events/11408-oil-rises-on-us-fuel-demand-extends-rally.md) | +2.9% | +4.0% |
| BRENT | 2024-09-10 | [US EIA lifts oil demand forecast, says prices will recover to above $80/bbl \| Reuters](https://feedsoft.ai/events/10170-us-eia-lifts-oil-demand-forecast-says-prices-will-recover-to-above-80-bbl.md) | +1.7% | +12.8% |
| BRENT | 2023-08-01 | [EIA forecasts crude oil prices will increase through 2024 as demand rises above supply](https://feedsoft.ai/events/35198-eia-forecasts-crude-oil-prices-will-increase-through-2024-as-demand-rises-above.md) | +0.6% | -0.6% |
| WTI | 2021-06-30 | [Oil rises on lower U.S. stockpiles, demand recovery - Markets - Business Recorder](https://feedsoft.ai/events/46757-oil-rises-on-lower-u-s-stockpiles-demand-recovery-markets-business-recorder.md) | -1.2% | -1.0% |
| WTI | 2021-08-25 | [Oil rises on US fuel demand, extends rally](https://feedsoft.ai/events/11408-oil-rises-on-us-fuel-demand-extends-rally.md) | +1.4% | +7.1% |
| WTI | 2024-09-10 | [US EIA lifts oil demand forecast, says prices will recover to above $80/bbl \| Reuters](https://feedsoft.ai/events/10170-us-eia-lifts-oil-demand-forecast-says-prices-will-recover-to-above-80-bbl.md) | +2.1% | +11.9% |

## Sources

- cnbc.com: https://www.cnbc.com/2023/04/14/oil-climbs-on-tightening-supply-iea-demand-outlook-awaited.html

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