-
Oil Holds Four-Month High After IEA Flips Forecast to Deficit
Oil held near the highest level in over four months after the IEA forecast a supply deficit throughout 2024, changing its expectations from a surplus on the premise OPEC+ continues its cuts. West Texas Intermediate traded near $81 a barrel after jumping 4.8% over the previous two sessions. Brent closed above $85 on Thursday. The International Energy Agency assumes that OPEC and its allies including Russia will continue their supply curbs until the end of this year to “balance oil markets,” it said in a report. The advance on Thursday built on a gain from the previous session that was driven by the first decline ... (full story)