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WTI extends gains above $91.00 due to OPEC+ supply cuts

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Western Texas Intermediate (WTI), the US crude oil benchmark, is trading higher around $91.20 during the European session on Tuesday. WTI prices are c

Moreover, the International Energy Agency released a report last week, indicating that the reduction in OPEC+ oil production would create a notable supply deficit in the fourth quarter of the year, starting in September. This supply deficit is expected to have a significant impact on the oil market, potentially leading to higher oil prices.

In its monthly report last week, OPEC expressed optimism about the demand for oil in China throughout the year 2023. OPEC's positive outlook extends to global oil demand, as the organization forecasts strong growth in demand for both 2023 and 2024.

 

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