- World oil demand to rise by 2.35 mil bpd in 2023 (no change to previous forecast)
- China oil demand to rise to 840k bpd (up from 800k bpd previously)
- Sees world economic growth at 2.6% this year
- But there are rising uncertainties amid high inflation, rising interest rates
- It is also still unclear how and when Easter Europe geopolitics might be resolved
After the surprise output cuts, oil prices suffered a bit of a hangover and then a big plunge yesterday. It is making up for some lost ground today though, with WTI now up 1.9% to $68.40. That comes off a bounce of its 200-week moving average again, seen at $67.31 currently. That remains the key technical support level for oil since March.