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US oil output forecasts edge higher
The oil market managed to move higher yesterday following the aggressive sell-off on Monday. ICE Brent rallied by a little more than 1.9%, while the prompt Brent timespread also managed to see its backwardation widen. However, for now the flat price remains firmly below US$80/bbl and with the balance expected to be fairly comfortable over the 1H24, significant upside is likely limited. The API reported overnight that US crude oil inventories fell by 5.2m barrels, which is larger than the market was expecting. However, large builds were once again seen on the products side, with gasoline and distillate stocks ... (full story)