Crude oil prices are ending the week on a high note on word Friday from the International Energy Agency global demand should experience steady recovery.
The Paris-based IEA issued its November monthly market report, saying its global demand estimate for 2014 and 2015 was unchanged from the previous report at 92.4 million barrels per day and 93.6 million bpd, respectively.
Reports of a slow economic recovery in Europe dragged on oil prices already under pressure because of shifting supply and demand dynamics. The European Central Bank this week said growth would be slow in the eurozone.
Nevertheless, signs of enough life elsewhere in the global economy pushed the IEA estimate of projected growth in oil demand from a five-year low of 680,000 bpd to 1.1 million bpd next year "as the macroeconomic backdrop is expected to improve."
Brent crude oil prices rallied in early Friday trading more than $1.50 per barrel, but were unable to break through the $80 barrier passed during the previous session. Brent dipped below the $80 mark Thursday for the first time in 2014, following a four-day string of declines.
West Texas Intermediate, the U.S. benchmark price, moved more or less in parallel with Brent to gain more than 50 cents to trade near $75 per barrel for December delivery.
