Oil ticks higher after IEA, OPEC global demand forecasts; MCX crude up 3%, Brent at $78/bbl

News Snapshot:

Oil prices rose on Thursday, January 18. as the International Energy Agency (IEA) joined producer group Organisation of Petroleum Exporting Countries (OPEC) in forecasting strong growth in global oil demand and as cold winter weather disrupted US crude output while the government reported a big weekly draw in crude inventories. The IEA monthly report said it expects oil demand to grow by 1.24 million barrels per day (bpd) in 2024, up 180,000 bpd from its previous projection. Oil traders also worried about geopolitical risks in the Middle East. Pakistan conducted strikes inside Iran, targeting Baluchi separatist militants, the country's foreign...