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Brent gets a further lift from IEA report
Since my last update on the oil markets a little earlier this morning, the price of Brent crude did slip back slightly, but it has just now risen to fresh session highs above $84.75. The reason for that is due to the latest IEA (International Energy Agency) oil market outlook report. The IEA have revised higher their 2024 demand outlook by 110k BPD (barrels per day), to 1.3 million. They also site the continued OPEC+ output cuts, if sustained, as being a driver behind a potential deficits in supply versus demand for the rest of the year. Brent for May delivery is just now trading at $84.75
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