January Brent futures rose in price on the London ICE Futures exchange by $0.36 (0.44%) to $82.88 per barrel.
December futures for WTI rose in price on the New York Mercantile Exchange NYMEX by $0.35 (0.45%) to $78.61 per barrel.
A positive factor for the oil market was the updated OPEC forecast regarding global fuel demand.
OPEC on Monday raised its forecast for oil consumption growth in 2023 by 50,000 barrels per day, to 2.46 million bpd. Oil demand in 2023 is now expected to be 102.1 million bpd. The estimate of demand growth in 2024 was maintained at 2.25 million b/d - up to 104.36 million b/d.
Prior to this, oil prices had fallen for three weeks in a row on concerns about a slowdown in the world's leading economies, including the US and China. After the correction, these concerns are already largely included in the current quotes.
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