Oil settles higher on optimism for IMF global growth forecast
25/07/2023
Argaam
Oil drilling rigs
Oil settled nearly 1.1% higher on July 25, amid optimism about the International Monetary Fund’s (IMF) forecasts for global economic growth this year.
It raised global growth forecasts in 2023 to 3%, up 0.2 percentage points from its previous forecasts of 2.8% in April. It kept expectations for growth unchanged at 3% for 2024.
Meanwhile, the US consumer confidence jumped to a two-year high.
Brent crude for September delivery settled 1.1%, or 90 cents, higher at $83.64 a barrel.
US West Texas Intermediate (WTI) crude for September delivery rose 1.1%, or 89 cents, to $79.63 a barrel.
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