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WTI rises above $81 as oil supply deficit forecast for 2024

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WTI rises above $80 as oil supply deficit forecast for 2024

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In today's market landscape, crude oil futures have surged, building upon yesterday's gains. The West Texas Intermediate (WTI) contract for April climbed by 1.08%, reaching $80.58 a barrel, while the Brent contract for May saw a robust increase of 0.81%, reaching $84.71 a barrel.

What's driving this upward momentum? The International Energy Agency (IEA) has just announced a significant forecast: a projected supply deficit for 2024. This shift in outlook, from a surplus to a deficit, has ignited bullish sentiment across the market.

According to the IEA, the slight supply deficit is attributed to the expectation that OPEC+ will maintain its production cuts through 2024, with the cartel's cuts of 2.2 million barrels per day remaining in place at least through the second quarter.

Additionally, the IEA has revised its global demand growth upwards, further bolstering the outlook for oil prices.

Wednesday's surge in oil prices was further fueled by Ukrainian drone attacks on Russian oil refineries, underscoring the geopolitical tensions that continue to influence market dynamics. With U.S. crude gaining 12% and the global benchmark climbing 9.8% in 2024, the stage is set for potentially lucrative trading opportunities.

Now is the time to capitalize on this momentum and maximize your trading potential. Join me as we navigate the futures market together, leveraging real-time insights and expert analysis to seize the most promising opportunities.

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To your trading success,

Anthony Speciale

Speciale Analysis

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