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Rich Asplund

Crude Prices Rally on IEA Forecast for 2024 Oil Deficit

Oil IEA OPEC Deficit EIA United States Red Sea Russia Vortexa

April WTI crude oil (CLJ24) is up +1.32 (+1.66%), and Apr RBOB gasoline (RBJ24) is up +0.156 (+0.59%).

Oil prices are trading higher on today's IEA's report, which said the oil markets face a supply deficit for the remainder of this year due to OPEC+ production cuts. Oil prices today are adding to Wednesday's gains that were sparked by the bullish U.S. EIA weekly inventory report and Ukrainian drone strikes on three Russian refineries.

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