Oil rises as IEA hikes 2022 demand growth forecast

Oil prices rose by over 1% on Thursday after the International Energy Agency raised its oil demand growth forecast for this year as soaring natural gas prices lead some consumers to switch to oil. Brent crude futures gained $1.29, or 1.3%, to $98.69 a barrel by 1348 GMT, while U.S. West Texas Intermediate crude futures rose $1.45, or 1.6%, to $93.38.