Crude oil rallied more than 2% Monday and has now recovered most of the losses from last week.
OPEC has stuck to its robust oil demand forecasts for 2024 and 2025 as the cartel sees steady global economic growth ahead.Street Signs Asia
OPEC expects the services sector to maintain stable momentum and drive economic growth in the second half of the year, "particularly supported by travel and tourism, with a consequent positive impact on oil demand." "After oil prices experienced a bearish confluence of events, shook out much length and toyed with being oversold, there is almost an inevitability in the rally back to current levels," Evans said in a note.
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