Oil prices were higher today settling at four month highs as the IEA predicted a tighter market in 2024. The IEA raised its view on 2024 oil demand growth for a fourth time since November as Houthi attacks disrupt Red Sea shipping but warned that “the global economic slowdown acts as an additional headwind to oil use”. “Demand is staying high, while supplies are getting tighter, particularly on the fuel side. The refining margins are also very strong and a positive for crude demand,” said Dennis Kissler, senior vice president of trading at BOK Financial. US crude and gasoline inventories plunged last week government data showed yesterday, with sharply higher pump prices expected in the coming weeks as major refinery outages have cut supplies ahead of the summer driving season. Brent traded up $1.39 or 1.7% to close at $85.42. WTI traded up $1.54 or 1.9% to close at $81.26.