As international oil prices have risen in recent days, many Wall Street investment banks, including Goldman Sachs, have become more bullish on oil prices. On Tuesday Eastern Time, the US Energy Information Administration (EIA) added even more fuel to the bullish sentiment in the market.

EIA further raised its global oil demand expectations.

In its latest June Short-Term Energy Outlook report, EIA further raised its expectations for global oil demand and expects global oil demand to hit a record high this year.

In the report, EIA further raised its expectations for global oil demand this year. In the May report, EIA had already predicted that global oil demand would reach a new historic high this year. In the latest June forecast, EIA expects global crude oil and liquid fuel consumption to increase by 1.1 million barrels/day to 103 million barrels/day, further raising its previous forecast of 102.8 million barrels/day.

EIA also predicts that global oil demand may rise to 104.5 million barrels/day next year, further raising its previous estimate of 104.3 million barrels/day.

UBS analyst Giovanni Staunovo said that despite recent concerns about slowing oil consumption in the market, EIA's latest report has raised expectations for global demand growth, which is a mildly bullish signal for the oil market.

EIA lowered its global oil production expectations.

While raising its expectations for global oil demand, EIA also lowered its forecast for global oil production this year.

EIA currently expects global oil production to reach about 102.6 million barrels per day this year, slightly lower than its previous forecast of 102.8 million barrels per day in May.

The reason for this adjustment is that the OPEC+ group of oil-producing countries recently announced plans to increase production from the fourth quarter, while EIA had previously expected the timing of OPEC+'s production increase to be earlier.

EIA said that OPEC+ delaying the timing of its production increase will lead to a decline in global crude oil inventories in the first quarter of next year and bring upward pressure to oil prices.

However, despite the possibility that OPEC+ oil production growth may not meet previous expectations, EIA's forecast for US oil production has been further raised. EIA expects US oil production to increase by about 310,000 barrels per day to 13.24 million barrels per day this year, about 40,000 barrels higher than its May estimate. In addition, EIA expects US oil production to reach about 13.71 million barrels per day next year, slightly lower than its previous forecast of 13.73 million barrels per day.