Us energy stocks rose on Thursday as crude oil futures rose after the International Energy Agency (IEA) raised its forecast for global demand growth.

Oil prices hit a new high in more than a week. WTI September crude oil futures closed up 2.62% at $94.34 per barrel, while Brent October crude oil futures closed up 2.26 per cent at $99.60 per barrel.

DVN.US closed up 7.34% on Thursday, leading the s & p 500. Other energy stocks also showed off, with marathon oil (MRO.US) up more than 7 per cent and ConocoPhillips (COP.US) and OXY.US (OXY.US) up nearly 5 per cent. The energy sector is up about 5 per cent this week, narrowing its decline in August to less than 2 per cent.

It is worth noting that there are differences between the International Energy Agency and OPEC on the forecast of global oil demand.

The International Energy Agency raised its forecast for global oil demand growth in 2022 by 380000 b / d to 2.1 million b / d, noting that European gas prices were high and supply was limited after Russia cut its natural gas exports. this has prompted power plants and heavy industry to seek oil as an alternative source of fuel.

Meanwhile, OPEC cut its forecast for global oil demand growth in 2022 by 260000 b / d to 3.1 million b / d, citing concerns about epidemic restrictions and geopolitical tensions.