The Department of Energy sees an oil supply deficit this year.
OPEC maintained robust oil demand and economic growth forecasts.U.S. crude oil rose more than 1% Wednesday, extending this week's rally as OPEC and the Department of Energy see steady demand this year.growth forecast to 1.1 million barrels per day, up from 900,000 bpd previously. The increased demand implies a supply deficit with world production expected to rise 800,000 bpd in 2024.
"In the short term, the oil market is likely to tighten," Martijn Rats, commodity strategist at Morgan Stanley, told clients in a note. The investment bank sees a 1.2 million bpd deficit in the third quarter, which could push Brent prices to $86 per barrel.OPEC, meanwhile, stuck to its demand growth forecast of 2.2 million bpd on solid global economic growth of 2.8% this year.
Traders are monitoring the latest U.S. inflation data, the Federal Reserve meeting, and the latest U.S. inventory report later today.OPEC+ decision to increase oil supply is a 'bearish surprise' for the market, Goldman says
Breaking News: Markets Oil And Gas Investment Strategy WTI Crude (Mar'23) Natural Gas (Mar'23) ICE Brent Crude (Apr'23) RBOB Gas (Mar'23) Business News
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. crude oil extends gains, trades above $78 as Department of Energy sees supply deficitThe Department of Energy sees an oil supply deficit this year.
Read more »
Crude Oil finds late bump but still sheds weight on Tuesday as WTI grapples with $78West Texas Intermediate (WTI) US Crude Oil fell to $77.30 on Tuesday as market sentiment regarding Federal Reserve (Fed) interest rate cut expectations begins to crumble, but a late-day Crude Oil supply update from the American Petroleum Institute (API) helped to bolster barrel bids.
Read more »
Crude Oil recedes further, WTI falls below $78 on rising supplies and cautious FOMCWest Texas Intermediate (WTI) US Crude Oil declined for a third straight day on Wednesday, falling below $78.00 per barrel once again after US Crude Oil barrel counts rose week-on-week after a previous decline.
Read more »
Oil flirts with breaking below $78 after sluggish demand forecast from IEAOil prices remain steady near $78 on Wednesday, but faces increasing downward pressure when factoring in all elements that are on the table at the moment.
Read more »
One of our favorite pairs of wireless earbuds for running is on sale for only $78Lawrence is a contributing reporter at Engadget, specializing in our AI overlords, musical doodads and, of course, garden variety gaming and tech. To that end, Lawrence once lost badly in multiplayer Mario to Nintendo’s own Shigeru Miyamoto, who laughed gleefully as he threw him down a pit.
Read more »
U.S. Department of Energy Announces National Definition of a Zero Emissions BuildingClean Tech News & Views: EVs, Solar Energy, Batteries
Read more »