Oil rises as the International Energy Agency raises its forecast for demand growth in 2022

After the International Energy Agency raised its forecast, oil prices are rising, exceeding two dollars.

  • Rising natural gas prices have shifted some consumers to oil

Oil prices closed more than two dollars higher on Thursday, after the International Energy Agency raised its forecast for oil demand growth for this year.

The rise in natural gas prices led to some consumers turning to oil.

Brent crude futures also rose $2.20, or 2.3 percent, to settle at $99.60 a barrel. US West Texas Intermediate crude futures also rose $2.41, or 2.6 percent, to $94.34.

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