ICE Brent surged above US$85/bbl while NYMEX WTI rose over US$81/bbl yesterday for the first time this year, as the IEA flipped its supply surplus estimates to a deficit in 2024 assuming that OPEC+ continues to trim output over the second half of the year. Meanwhile, continued tensions between Russia and Ukraine also added to the risk premium for oil. In its latest monthly oil market report, the IEA made some upward revisions to its demand growth forecasts while lowering global supply estimates on output cuts from OPEC+ in 2024. The IEA now estimates global oil demand to increase by 1.3MMbbls/d in 2024 to ... (full story)