Oil prices settled up more than $2 on Thursday after the International Energy Agency raised its oil demand growth forecast for this year as soaring natural gas prices have some consumers switching to oil. Brent crude futures gained $2.20, or 2.3%, to settle at $99.60 a barrel. U.S. West Texas Intermediate crude futures settled up $2.41, or 2.6%, to $94.34. “Natural gas and electricity prices have soared to new records, incentivizing gas-to-oil switching in some countries,” the Paris-based agency said in its monthly oil report. It raised its outlook for 2022 demand by 380,000 barrels per day (bpd). By contrast, the Organization of the Petroleum Exporting Countries (OPEC) cut its 2022 forecast for growth in world oil demand, citing the impact of Russia’s invasion of Ukraine, high inflation and efforts to contain the pandemic. OPEC expects 2022 oil demand to rise by 3.1 million bpd, […]