U.S. West Texas Intermediate crude futures rose 1 this week..9%, as market participants continue to weigh geopolitical tensions and the latest oil supply forecasts。

Yesterday, Pakistan launched a crackdown on separatist militants, while Iran said in Tehran it was retaliating against another group based in Pakistan.。

Traders tend to avoid short positions amid spreading Mideast tensions。However, NS Trading President Hiroyuki Kikukawa said he remained cautious about building long positions as China's economic recovery progressed slowly.。

Kikukawa added: "Unless tensions in the Middle East escalate quickly, oil prices are likely to continue to fluctuate between $70-76.。"

Meanwhile, the International Energy Agency (IEA) on Thursday raised its 2024 global oil demand growth forecast again.。The IEA expects global oil consumption to increase by 1.24 million bpd this year, an increase of 180,000 bpd over previous forecasts.。Meanwhile, global oil supply will increase by 1.5 million bpd to a record 1..03.5 billion bpd, driven by record production in the US, Canada, Brazil and Guyana。

The IEA said in a report that unless there is a significant disruption to oil flows, the market will be fairly well supplied in 2024.。Non-OPEC + output growth will exceed expectations and will significantly exceed oil demand growth。

WTI crude for March delivery up 0 as of Wednesday.39%, trading at 74 per barrel.24 USD。Meanwhile, Brent oil futures for March delivery rose 0 percent on the day.35%, trading at 79 per barrel.38美元。The market's focus on the oil sector remains focused on geopolitical turmoil and the global balance of supply and demand.。