A surge in oil prices on Wednesday as hopes were bolstered following the projections of OPEC and IEA stating that the demand will be boosted during the upcoming year, on the other hand it is quite expected that Fed will slow down its interest rate hikes accompanied with cooled inflation.

Brent crude futures advanced by 0.9% a $81.44 per barrel while WTI crude futures ticked up at $76.19.

According to OPEC forecasts for the next year, the demand on oil could nudge up by 2.25 million barrel per day to 101.8 million barrel per day, with a big probability that China’s demand will revive.

While the International Energy Agency’s predictions stated that the demand of the biggest crude importer will rebound in 2023 post a shrink of daily barrels during this year at 400,000, expecting a tick up in the demand by 1.7 million bpd with a total of 101.6 million bpd.