Oil settles higher on optimism for IMF global growth forecast

25/07/2023 Argaam
Oil drilling rigs

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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