Oil supported by both (lower) supply and (higher) demand factors

<p>This snippet from ANZ is a good summary of the tailwinds supporting the boost for oil prices:</p><p>Supply factors:</p><ul><li>signs of falling OPEC+ production emerged</li><li>Average shipments of Russian crude have dropped below their February averages, according to ship tracking data. Nationwide exports of crude fell to 2.86mb/d in the week to 9 July. There was no obvious sign of maintenance at Russian ports that may have led to the sharp drop in flows. </li><li>also signs that the market for Saudi crude is tightening</li></ul><p>On the demand side:</p><ul><li>The Energy Information Administration raised its forecast for global demand, which will see the market move into deficit in coming months</li></ul><p>(ps. Greg on the EIA forecast ICYMI: <a href="https://www.forexlive.com/news/eia-world-oil-demand-forecast-to-rise-by-170k-bpd-to-176m-bpd-yoy-20230711/" target="_blank" rel="follow" data-article-link="true">EIA: World oil demand forecast to rise by 170K BPD to 1.76M BPD YoY</a>)</p><p>—</p><p>Oil chart update, hourly candles:</p>

This article was written by Eamonn Sheridan at www.forexlive.com.