U.S. Crude Oil Tops $79 as DOE Predicts Supply Deficit U.S. crude oil prices rose above $79 per barrel on Wednesday, extending gains as the Department of Energy (DOE) and OPEC projected a supply deficit due to increased demand. The DOE raised its global oil consumption growth forecast to 1.1 million barrels per day (bpd) for this year, up from 900,000 bpd, while OPEC maintained its forecast of 2.2 million bpd. These optimistic projections contrast with the International Energy Agency’s bearish outlook on demand. Current energy prices show significant gains in oil and gasoline, while natural gas has also seen a substantial year-to-date increase. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts High Prices Dampen Gold Demand at India's Akshaya Tritiya Festival READ MORE Nasdaq Breaks 17,000 Mark, S&P 500 Slightly Up, Dow Drops Amid Rising Yields READ MORE Gold ETFs Face $6.7bn Exodus in H1 2024, Worst First-Half Since 2013 READ MORE Oil Prices Waver Amid Red Sea Shipping Risks and Geopolitical Tensions READ MORE Proposed Ban on Open-Pit Mining Could Crush Mexico's Economy READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment