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The Commodities Feed: Positive sentiment continues
ICE Brent has been firm this morning after finishing yesterday with gains of more than 3% to US$76.6/bbl on positive broader sentiment in the financial markets. Escalating shipping concerns in the Red Sea also added to the risk premium for oil. That said, the monthly report from IEA was quite soft as demand was downgraded mostly from Europe. The International Energy Agency released its latest monthly oil market report yesterday. It made some downward revisions to its demand growth forecasts for 2023 while increasing growth estimates for next year. The IEA now estimates global oil demand to increase by 2.3MMbbls/d in ... (full story)