2024-03-15 03:07:27
Oil prices stabilized near the highest level in four months, following the International Energy Agency expected a supply deficit during 2024, changing its previous forecast of a surplus, assuming that OPEC+ maintains production cuts.
Brent crude fell to nearly $85 per barrel following rising 4.3% over the previous two sessions. West Texas Intermediate crude was close to $81. The International Energy Agency said in a report yesterday, Thursday, that it assumes that OPEC and its allies will maintain their restrictions for the rest of the year in order to “balance the oil markets.”
Brent crude, the global benchmark, rose by regarding 4% this week, following it also received support from the decline in US stocks, and the escalation of geopolitical tensions, following Ukraine attacked another Russian refinery.
Energy Agency: The oil market may face a slight supply deficit
Crude oil futures have now emerged from the narrow range they were trading in this year, when the spread between bid and ask prices was limited, although headwinds persist that may limit further gains. These factors include rising non-OPEC supply, demand concerns regarding China, and persistent inflation in the United States that is clouding expectations regarding when the Fed will cut interest rates.
The time period between oil contracts has shortened this month, indicating that concerns regarding tight supply have eased. The gap between the two nearest Brent crude contracts was 68 cents per barrel, compared to nearly $1 at the end of last month.
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