India, July 11 -- Crude oil rose sharply on Friday after yesterday's sell-off, buoyed by strong seasonal demand and lingering geopolitical risk in the Middle East.
WTI Crude Oil for August delivery closed up by $1.88 today to settle at $68.45 per barrel.
September month Brent Crude oil contract was last seen trading up by $1.66 today to $70.30 per barrel.
The International Energy Agency, in its Oil Market Report for July, revised its 2025 oil supply forecast up to 2.1 million barrels per day, up by 300,000 bpd from last month's projection of 1.8 million bpd growth.
It also added that oil demand is expected to rise by just 700,000 bpd (less than 1 million).
Despite strong summer demand, oversupply risk is looming for the later part of t...