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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery added $1.54 to $81.26 on the New York Merc -- its first time settling above $80 since November -- while Brent for May added $1.39 to $85.42 (all figures in this para U.S.). Western Canadian Select traded at a discount of $16.80 to WTI, up from a discount of $17.40. Natural gas for April added eight cents to $1.74. The TSX energy index added 2.39 points to close at 274.06.

Oil prices set fresh four-month highs after the International Energy Agency (IEA) increased its forecast for global oil demand. In its closely watched monthly report, the IEA said it now expects global oil demand to rise this year by 1.3 million barrels a day, up from the prior forecast of 1.2 million. It attributed the increase to higher fuel consumption by ships needing to avoid the Red Sea (where Iran-backed Houthi rebels have been carrying out escalating attacks since October). The IEA's revised forecast of 1.2 million barrels a day is still noticeably below the competing forecast of OPEC, which sees demand rising this year by 2.2 million barrels a day. (For context, the actual increase in 2023 was 2.3 million barrels a day.)

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