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The U.S. flag is displayed at Tesoro’s Los Angeles oil refinery in Los Angeles, California
Lucy Nicholson | Reuters
Crude oil futures rose on Thursday, including to the earlier session’s positive factors because the Worldwide Vitality Company now forecasts a provide deficit for 2024.
The West Texas Intermediate contract for April rose 86 cents, or 1.08%, to $80.58 a barrel. The Brent contract for Could added 68 cents, or 0.81%, to $84.71 a barrel.
The transfer got here after the IEA forecast a slight provide deficit for the yr slightly than a surplus, because the group assumes OPEC+ will preserve its manufacturing cuts in place by means of 2024. The cartel’s cuts of two.2 million barrels per day are formally in place by means of at the least the second quarter.
The IEA revised world demand development upward by 110,000 barrels per day to 1.3 million bpd complete.
Oil costs rose greater than 2% Wednesday after Ukrainian drone assaults this week on Russian oil refineries. U.S. crude has gained 12% in 2024, whereas the worldwide benchmark has gained 9.8%.
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