Oil prices experienced a rebound on Wednesday, fueled by stronger-than-anticipated crude demand in the fourth quarter of 2024.
Before noon, the price of North Sea Brent crude for March delivery increased by 0.36%, reaching $80.21 per barrel. Meanwhile, its U.S. counterpart, West Texas Intermediate for February delivery, rose by 0.41% to $77.82 per barrel.
These price increases are supported by global demand, which saw a significant rise in the fourth quarter of 2024, achieving “the highest level since the fourth quarter of 2023 and surpassing previous forecasts by 260,000 barrels per day,” according to the International Energy Agency (IEA) in its January oil market report.
Furthermore, prices have been impacted by notably colder temperatures in December across Canada, northern and central regions of the United States, much of Europe, as well as Russia, China, and Japan, as highlighted by the IEA.
