Oil every day
A strong rise in global equities and the possibility of a Chinese stimulus in the next 48 hours have lifted oil prices. Today's US CPI report has led to a 1.8% rally in the Nasdaq as AI fever returns. The potential for Fed and PBOC rate cuts also speaks to improving prospects for global growth and energy demand.
With that, WTI crude oil has posted its best day in three weeks, climbing $1.77 to $70.37. That's just a shade below December's $70.51 level and an early sign that oil could bounce from the mid-60s again.
OPEC today released the oil demand forecasts for 2024 and 2025, saying that the expected oil demand will increase by 1.61 million this year, that is down from 1.82 mbpd in last months report. This is the fifth cut since the original previews were released. For 2025, OPEC sees 1.45 million barrels of additional demand growth.
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