Oil Prices Set for Weekly Gain Despite Mixed Data

Crude oil prices looked set for a weekly gain earlier today, as market players turned optimistic about demand despite conflicting signals from OPEC and the IEA. Earlier in the week, OPEC reiterated its forecast for robust oil demand growth of over 2 million barrels daily this year. On the other hand, the IEA warned of a looming supply excess of as much as 8 million bpd on the back of a demand slump and overinvestment in production capacity. OPEC blasted the IEA for its warning, calling it dangerous and saying it could lead to…