July 12 (Reuters) - Oil nudged higher on Wednesday, extending gains for a second session, as planned supply cuts by the world's biggest oil exporters and hopes for higher demand in the developing world offset wider economic concerns globally.
Brent futures rose 6 cents to $79.46 a barrel by 0356 GMT, and U.S. West Texas Intermediate (WTI) crude rose 6 cents to $74.88 a barrel.
On Tuesday, the U.S. EIA projected demand would outpace supply by 100,000 bpd in 2023 and by 200,000 bpd in 2024.
"The short-term crude demand outlook shouldn't be that bad, as everyone is taking a vacation that requires some travel this summer," Moya added.
Higher rates can slow economic growth and reduce oil demand.
Persons:
Edward Moya, OANDA's, Moya, Laura Sanicola, Trixie Yap, Sonali Paul, Clarence Fernandez
Organizations:
U.S . West Texas, Saudi, EIA, International Energy Agency, American Petroleum Institute, Reuters, Energy Information Administration, Thomson
Locations:
Brent, U.S, Saudi Arabia, Russia, China