Oil prices inch toward $100 a barrel as IEA revises demand outlook

The IEA on Friday revised up its baseline estimate of global demand by nearly 800,000 barrels per day (bpd), just under 1% of the 100 million bpd global oil market

An upward revision in historical oil demand by the International Energy Agency in its monthly report points to a tighter global market than the West's energy watchdog had previously estimated.

"Our balances are now more in line with observed market fundamentals, which underpin the view of traders. We believe the tighter balance for 2021 and 2022 is already reflected in the price of oil and the forward curve," the IEA told Reuters.

Oil prices have powered toward $100 a barrel in 2022 as fuel demand recovers from a pandemic crash, in a rally that has driven up energy costs worldwide, forcing some