U.S. crude oil extends gains, trades above $78 as Department of Energy sees supply deficit

The Department of Energy raised its global oil demand forecast and sees a supply deficit this year.24/7 San Diego news stream: Watch NBC 7 free wherever you are

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.

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 saysMovies and Entertainment

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