08/02/2024 Crude Oil News Posted By https://www.smarttradecalls.com/. Chat on Whatsapp:-7668674900

Crude Oil Rose As US Production This Year Is Expected To Grow Less Than Expected.

Crude oil prices showed marginal gains yesterday, settling up by 0.05% at 6084, primarily driven by a tempered outlook on US production growth.

Concerns about oversupply in the market were alleviated as the US EIA revised its forecast for domestic oil production growth in 2024 by 120,000 barrels per day (bpd) to 170,000 bpd. This reduction in expected output growth contrasts sharply with the previous year’s substantial increase of 1.02 million bpd. 

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