The International Energy Agency lifted next year’s oil-demand estimates citing the impact of China’s stimulus measures, but said the pace of growth is expected to remain subdued. The Paris-based organization now forecasts global demand to grow by 1.

OPEC cut oil demand growth forecasts for this year and next for a fifth straight month, making its deepest reduction to the 2024 outlook so far after agreeing to extend its supply curbs.

OPEC on Wednesday lowered its forecast of oil demand growth for this year and next for a fifth straight month. The cut was the cartel's biggest reduction to the 2024 outlook yet after its members agreed to prolong curbs on production.