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The Commodities Feed: Gas rallies on supply risks
Oil prices edged lower yesterday with ICE Brent settling back just below US$90/bbl. It is clear that the rally in oil has run out of momentum and in the absence of further escalation in the Middle East or supply disruptions we expect to see a pullback. We maintain our forecast for Brent to average US$87/bbl over the second quarter of this year. OPEC’s monthly market report had very little in the way of surprises yesterday. The group left its demand growth forecasts unchanged for both 2024 and 2025 at 2.25m b/d and 1.85m b/d respectively. Meanwhile, non-OPEC supply growth for 2024 was lowered slightly by 7k b/d from ... (full story)