“We are still bullish even though our forecasted balance has weakened somewhat,” said Bjarne Schieldrop, chief commodities analyst at SEB AB. “Accelerating demand, only gradually reviving US shale supply and restrained supply from Opec+ should be a good backdrop for prices.”
In recent days there have also been small pockets of supply outages. Kazakh oil production fell by about 300,000 barrels a day on Monday due to planned maintenance, while Libyan output slipped over the weekend on pipeline repairs.
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