Crude prices rose slightly on Wednesday as a tropical storm could damage France’s oil supplies.U.S. Oil futures were up 44 cents, or 0.7%, at $66.19 a barrel, while Brent crude futures were up 39 cents, or 0.6%, at $69.58 a barrel.
While some production facilities had already been suspended, concerns about the storm’s risk of disrupting supply were one reason for the return. The Organization of the Petroleum Exporting Countries (OPEC) expects global oil consumption to increase by 2.03 million barrels per day (bpd) in 2024, down from growth of 2.11 million bpd forecast last month.
Additionally, OPEC cut its forecast for global demand growth in 2025 to 1.74 million bpd from 1.78 million bpd. However, the US Energy Information Administration (EIA) said on Tuesday that global oil demand is expected to hit a new peak this year, even if production growth is slower than previously expected.
