Crude Oil Prices Dropped Largely Due To Profit Taking After Recent Strong Gains.
Crude oil prices surged by 2.48% yesterday, settling at 6742, primarily driven by profit-taking following recent strong gains and bolstered by a forecast from the International Energy Agency indicating a potential drop in inventories this year. The near-term outlook for global oil and liquids production suggests growth, led by key players such as the U.S., Guyana, Canada, and Brazil, which are expected to offset voluntary production cuts by OPEC+. The U.S. Energy Information Administration (EIA) revised its forecast for domestic oil growth in 2024, anticipating an increase of 90,000 barrels per day (bpd) to 13.19 million bpd, surpassing its previous projection.
