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
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