Global oil demand will grow by 1.9 million barrels per day (bpd) this year, according to a prediction by energy research company Wood Mackenzie, a forecast close to the Organisation of the Petroleum Exporting Countries' (OPEC) estimate for 2024.

In remarks shared with delegates at a Wood Mac briefing on Wednesday during the Energy Institute conference in London, the firm's vice president of oils research Alan Gelder predicted, like most other forecasters, that the bulk of that rise would come from China and India.

Oil prices gained on Monday as European diesel demand, constrained by Russian sanctions and shipping disruptions, pulled prices higher in a market jittery with U.S. refinery output limited by planned overhauls, analysts said.

Brent crude futures settled with a gain of 91 cents, or 1.11%, at $82.53 a barrel. U.S. West Texas Intermediate crude futures (WTI) finished up $1.09, or 1.43%, at $77.58.

The dollar was mostly lower on Monday ahead of U.S. durable goods orders and an inflation reading this week that could provide more information on how soon the Federal Reserve may begin cutting interest rates.

The dollar index, a measure of the greenback against a basket of currencies, was last down 0.2% at 103.78 - though the U.S. currency strengthened 0.1% to 150.71 against the Japanese yen.

Gold prices retreated in Asian trade on Monday, remaining well within a recent trading range as anxiety over higher-for-longer U.S. rates grew in anticipation of key economic readings. 

The yellow metal failed to make any major price headway in recent weeks as a string of Federal Reserve officials warned that the bank was in no hurry to cut interest rates.

The U.S. dollar index was on track for its first weekly fall in 2024 on Friday as investors took a breather from buying the currency following an almost two-month rally built on expectations that the Federal Reserve will begin cutting rates later than previously expected.

Investors have pushed back expectations for the first Fed rate cut to June, from May, and dramatically reduced how far they see the U.S. central bank cutting its benchmark rate. Fed officials have projected three 25 basis point cuts this year, while markets had priced for as many as seven.

Oil futures settled higher on Thursday as hostilities continued in the Red Sea with Iran-aligned Houthis stepping up attacks near Yemen, but a large build in U.S. crude inventories weighed on gains.

Brent crude futures settled higher, up 64 cents or 0.77% at $83.67 a barrel. U.S. West Texas Intermediate crude futures settled higher, up 70 cents or 0.9% at $78.61 a barrel.

Gold prices rose in Asian trade on Wednesday, extending a recent rebound as the dollar retreated in anticipation of more cues on U.S. interest rates, most notably from the minutes of the Federal Reserve’s late-January meeting. 

Still, the yellow metal remained largely within a $2,000 to $2,050 an ounce trading range established over the past month, as the outlook for gold was clouded by the prospect of higher-for-longer U.S. interest rates.

The U.S. dollar slipped lower in early European trade Tuesday, but remains close to recent highs given the prospects of higher-for-longer U.S. interest rates, while the euro faces a wages test later in the session.

At 04:45 ET (09:45 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% lower at 104.082. 

Gold prices rose in Asian trade on Monday, extending a rebound from one-month lows after recently breaking below a key support level, although fears of higher-for-longer U.S. rates kept prices largely rangebound. 

The yellow metal had briefly broken below the $2,000 an ounce earlier in February, as stronger-than-expected U.S. inflation readings saw traders largely price out the prospect of early interest rate cuts by the Federal Reserve. 

Oil prices settled higher Friday, notching a weekly gain as rising Middle East tensions continued to fuel jitters about potential supply disruptions at time when concerns about the demand outlook remain elevated.    

At 14:30 ET (19.30 GMT), West Texas Intermediate crude futures rose 1.5% to $79.19 per barrel, while Brent oil futures expiring in April rose 0.6% to $83.35 a barrel.