European markets were higher on Friday morning as investors parse through U.K. economic data and reflect on a somewhat murky U.S. inflation outlook.
The International Energy Agency on Friday downgraded its forecast for 2024 oil demand growth, citing 'exceptionally weak' OECD deliveries, a largely complete post-Covid-19 rebound and an expanding electric vehicle fleet. In its latest monthly oil market report, the IEA said it had revised down its 2024 oil demand growth forecast by around 100,000 barrels per day to 1.2 million bpd. The global energy watchdog said that it expected the pace of expansion to decelerate even further to 1.
'We're seeing the surge in sales, especially in China and also in Europe, really taking into gasoline demand, but also in the United States,' Toril Bosoni, head of oil industry and markets division at the IEA, told CNBC's 'Street Signs Europe' on Friday.
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