• Oil held a seven-day run of gains as traders digested contrasting outlooks from OPEC and the IEA, as well as a mixed US stockpiles report.
  • West Texas Intermediate traded below $78 a barrel after surging almost 8% in the longest winning run since September, while Brent was near $83. Although OPEC’s top official said
    global oil demand is set to grow strongly, the Paris-based International Energy Agency flagged comfortable markets this year.
  • Oil’s winning streak raises the possibility that it may break out of the $10 trading range that it’s been confined to this year. Production cuts by members of the Organization of the Petroleum Exporting Countries and their allies, plus tensions in the Middle East, have supported prices. Still, higher ex-OPEC+ supply and concerns about demand growth in China have restrained