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Oil prices up, high demand for crude expected on Friday

Oil prices up, high demand for crude expected on Friday
By 7:20 am GMT, Brent crude futures edged up 0.02% to $48.43 per barrel (pb)

Mubasher: Oil prices rose during Friday’s trading activities, with investors’ expectations about international growth in demand for crude.

By 7:20 am GMT, Brent crude futures edged up 0.02% to $48.43 per barrel (pb).

NYMEX crude oil futures inched up 0.04% to reach $48.43 pb.

The International Energy Agency (IEA) in its monthly report on Thursday has raised the estimate for crude’s demand by 100,000 barrels per day (bpd) to 1.4 million bpd.

The Organization of the Petroleum Exporting Countries (OPEC) lowered its estimate of supply growth from non-member countries to 800,000 (bpd), against 840,000 bpd in May.