The tightening oil balance will remain the dominant price driver for the rest of 2023, he added.
Both benchmarks had slipped on Wednesday after a U.S. supply report showing rising crude and refined product stocks.
Priyanka Sachdeva, senior market analyst at Phillip Nova, said supply fears are underpinning oil prices as producers "adamantly stick to restricted production".
A day before the IEA report, the Organization of the Petroleum Exporting Countries (OPEC) issued updated forecasts of solid demand and also pointed to a 2023 supply deficit if production cuts are maintained.
"The oil market looks decidedly tight over the next two to three quarters as supply constraints persist amid robust demand," ANZ Research analysts said.
Persons:
Tamas Varga, Brent, Priyanka Sachdeva, Phillip Nova
Organizations:
Oil, Brent, International Energy Agency, . West Texas, Organization of, Petroleum, ANZ Research, European Central Bank, Reuters, ECB
Locations:
Cromarty Firth, Invergordon, Scotland, Saudi Arabia, U.S