The agency noted that global oil demand is expected to grow by 1.1 million barrels a day in 2014. The IEA attributed this increased need for the resource to the global economic recovery gaining momentum.
"Clearly, geopolitics and speculation about geopolitics is impacting prices," said Saudi Oil Minister Ali al-Naimi at an industry meeting in Seoul, according to Dow Jones Newswires.
The Wall Street Journal reports that prices for oil could increase further based on the actions taken by the international community with regard to the ongoing Syrian crisis.
However, futures shouldn't be solely contingent on the crisis in the Middle East, as U.S. production of the commodity could have a significant influence on the market as a whole.
"For the most part, we think oil-futures trade has trained the market to overlook U.S. crude-oil production numbers," Citi Futures analyst Timothy Evans told MarketWatch. He added that the data showed what "looks like the highest weekly output since May 1989."
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