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🖥️OIL PRICES RISE ON INVENTORY DROP

🖥️OIL PRICES RISE ON INVENTORY DROP

Day: 11 | Time: 03:52:18 Brent futures reached $86 per barrel, rising for the second consecutive session, due to a larger-than-expected decrease in US oil inventories. According to EIA data, US oil inventories decreased by 3.444 million barrels in the week ending July 5, surpassing the expected decrease of 3.0 million barrels. Gasoline inventories also decreased more than expected. OPEC has confirmed forecasts of strong global oil demand growth in 2024, particularly during the summer. The EIA predicts that global oil demand will reach 104.7 million barrels per day by 2025, slightly above the projected supply of 104.6 million barrels per day, indicating a future deficit. Meanwhile, investors are preparing for US CPI inflation data, which could impact forecasts on Federal Reserve interest rate cuts.