Oil prices settle higher on global demand forecasts

Brent crude futures settled up US$1.22, or 1.6%, to US$79.10 a barrel, while US West Texas Intermediate crude futures settled up US$1.52, or 2%, US$74.08.

NEW YRK: Oil prices settled higher on Thursday after the International Energy Agency (IEA) joined producer group Opec in forecasting strong growth in global oil demand and as cold winter weather disrupted US crude output while the government reported a big weekly draw in crude inventories.

Oil traders also worried about geopolitical risks in the Middle East. Pakistan conducted strikes inside Iran, targeting Baluchi separatist militants, the country's foreign ministry said, two days after Iranian strikes inside Pakistani territory.