Oil prices were higher today trading up as the EIA raised its global oil demand growth forecast. “We’re now at least considering the idea that maybe demand will pick up in the second half, and the market may actually need some additional OPEC+ supply,” said Tim Evans, an independent energy analyst. U.S. crude oil output in 2024 is expected to rise more than previously forecast to 13.24 million barrels, its highest ever, EIA said. Mostly strong U.S. economic data and inflation still higher than the Fed’s target have pushed financial markets to limit expectations to only two 25-basis points rate reductions this year, likely starting in September. Economists have said there was a considerable risk of only one or no rate cuts in 2024. U.S. consumer prices data for May and the conclusion of the Fed’s two-day policy meeting are both scheduled for Wednesday. WTI traded up $.16 or .2% to close at $77.80. Brent traded up $.29 or .4% to close at $81.92.