Oil prices rose strongly during trading today, Thursday, benefiting from several market developments, foremost of which was the release of the International Energy Agency report that included raising the growth forecasts for global crude oil demand this year. However, OPEC's monthly report, which included lowering the global crude oil demand growth forecasts, prevented oil prices from rising at a greater pace.

During today's trading, US crude oil spot contracts rose by 3.14% to about $95.37 per barrel. Brent crude contracts also rose by 2.59% to about $102.45 per barrel. Deferred Brent crude contracts rose by 2.35% to about $99.69 per barrel.

Oil prices benefited strongly after the release of the International Energy Agency report today, Thursday, which pointed out that the high temperatures in the summer and the rising gas prices enhanced the use of oil in power generation, clearly increasing demand. The report added that under these conditions, the global crude oil demand growth forecast was raised by 380 thousand barrels per day in 2022, and this report was the biggest supporter of oil prices.

In addition, oil benefited from the statements of Germany's advisor, who confirmed that Germany is discussing setting a cap on Russian oil prices, in cooperation with G7 members and other partners, saying, "Intensive negotiations are taking place between Germany and its partners regarding setting a cap on Russian oil prices." He explained that such a step would only be effective if implemented globally and that there was progress among G7 countries on this issue.

On the other hand, what is preventing a greater rise in oil prices is the release of OPEC's monthly report, as OPEC lowered the global crude oil demand growth forecasts this year by about 260 thousand barrels per day due to concerns about the return of COVID-19 restrictions due to the recent increase in infections, in addition to geopolitical uncertainty.

Regarding other energy sources and away from oil, gasoline contracts rose during today's trading by 0.62% to record $3.0893 per gallon, while natural gas contracts rose to $8.780 per million British thermal units, an increase of 7.05%, and heating oil contracts also rose by 3.14% to about $3.5175.