Oil edged higher after the International Energy Agency boosted its forecast for global demand growth this year. West Texas Intermediate rose 0.9% to trade above $92 a barrel, after earlier slipping by 0.8%. The IEA lifted its consumption estimate by 380,000 barrels a day, saying soaring natural gas prices and heat waves are prompting industry and power generators to switch their fuel to oil. Crude has been buffeted by bullish and bearish headlines in recent days while staying largely rangebound near a six-month low. A brief halt of Russian flows to some parts of Europe and weaker-than-expected US inflation data pushed prices higher. The subsequent resumption of Russian supply — as well as renewed attempts to resurrect the Iran nuclear deal — have since weighed on the market. In the short-term, oil prices will be “dictated by macro, inflation, interest rates and what happens with the Iran […]