International oil prices rose Thursday, US Eastern time. By the end of the day, US WTI crude oil futures were up $25, or 0.49%, to $51.42/ barrel. Brent crude oil rose $0.55/ barrel, or 0.99%, to $56.34/ barrel.

The IEA said in its monthly report that global crude oil demand may decline for the first time in more than 10 years in the first quarter, with an expected decrease of 435,000 barrels/ day. IEA had previously expected a year-on-year increase of 800,000 barrels/ day in fuel consumption. Meanwhile, IEA expected that the growth of global crude oil demand in 2020 would decline to 365,000 barrels/ day from 825,000 barrels/ day before, reaching the lowest level since 2011.

Marshall Steeves, energy market analyst at IHS Markit, said US crude oil futures prices were supported below $50, which is a watershed for many shale oil producers. He said there are also many market participants who believe that Russia will eventually agree to the new OPEC+ production reduction plan.

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com .