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.24/7 New York news stream: Watch NBC 4 free wherever you are
John Evans, analyst with oil broker PVM, said traders appeared to be"buying the dip" after many investors abandoned their long positions in the wake of the OPEC+ production decision. Money managers cut their net long position in Brent by 69% week over week to the lowest level since 2014 in the wake of the OPEC+ decision, according to JPMorgan.
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