10 June 2024
Oil prices rose after last week’s decline, with Brent crude surpassing $80 a barrel as traders anticipate key industry reports and a Federal Reserve decision on interest rates. Prices had fallen following OPEC+ plans to increase output later this year, leading to a significant drop in bullish bets on oil. Upcoming reports from OPEC and the International Energy Agency, along with the Fed’s rate decision, are expected to provide further market direction. Analysts at Goldman Sachs forecast a significant market deficit in Q3, maintaining their Brent oil price range of $75-$90. Meanwhile, Iraq is nearing an agreement to resume disrupted oil exports from Kurdistan.