WTI crude oil came off six month high level hit during the week after a ceasefire deal in the war in Gaza between Israel and the militant group Hamas. The counter pulled back below $80 per barrel mark but recovered in early Asia today and is up more than 0.50% at $78.30 per barrel. Meanwhile, International Energy Agency or IEA stated in a latest monthly update that global oil demand rose seasonally in 4Q24, posting robust annual growth of 1.5 mb/d ' the strongest level since 4Q23 and 260 kb/d higher than our previous forecast. Lower fuel prices, colder weather across the Northern Hemisphere and abundant petrochemical feedstocks all combined to boost consumption. Annual growth is now assessed at 940 kb/d for 2024, accelerating to 1.05 mb/d in 2025 as the economic outlook improves marginally.

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