Oil Rises to Fresh 2024 High as IEA Predicts Supply Deficit
- Group sees oil market shortfall due to OPEC+ production cuts
- WTI settles above $81 a barrel for highest since November
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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.