• Oil rose to its highest closing price in 2024 as the International Energy Agency warned of a supply deficit throughout the year.
  • West Texas Intermediate settled above $81 a barrel, the highest since November and topping the key psychological level of $80, which has acted as a barrier for the past few months. The IEA reversed an earlier forecast for a surplus and now expects a shortfall if OPEC+ continues output cuts in the second half of the year.
  • Crude has risen about 13% this year while remaining in a tight trading band for the last three months. While production cuts from OPEC+ have shown signs of tightening supplies in the short term, output from outside the cartel has risen and traders are still concerned about demand in China.