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Hot on the charts right now: USOIL & US500
Oil prices rebounded as markets focused on a tighter crude supply outlook for the rest of 2023. Demand is expected to remain strong while fears of insufficient supplies are driving prices higher. Saudi Arabia and Russia's extension of cuts will lead to a market deficit through the fourth quarter, according to the International Energy Agency. A lack of cuts in 2024 could create a surplus, but stocks will be at uncomfortably low levels. OPEC also forecasts robust growth in global oil demand in 2023 and 2024. Despite a surprise build-up in US crude and fuel inventories, expectations of the Federal Reserve not raising ... (full story)