Oil prices rose on Thursday after the U.S. Energy Information Administration (EIA) revealed its latest price forecasts in the July edition of its short-term energy outlook (STEO).
Benchmark crude futures rose 0.3 percent to $80.37 a barrel, while WTI crude futures were up 0.2 percent at $75.92.
The EIA said it expects the Brent spot price to average $79.34 per barrel in 2023 and $83.51 per barrel in 2024, reflecting expectations that global oil inventories will decline.
The WTI spot price has been forecast to average $74.43 per barrel this year and $78.51 per barrel next year.
A sluggish dollar on the back of weaker-than-expected U.S. inflation data and China stimulus hopes helped prices, offsetting EIA data showing crude oil inventories jumped by much more than expected in the week ended July 7th.
China's June trade data came in below expectations, raising calls for more stimulus measures from the government.
China's dollar-denominated exports slumped 12.4 percent year-on-year in June, the most in three years since the onset of the COVID-19 pandemic due to sluggish overseas demand for Chinese goods, official data showed earlier today.
Imports contracted 6.8 percent, denting hopes for a quick economic recovery anytime soon.
