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WTI Rebounds Off Lows After Across-The-Board Inventory Draws
WTI Rebounds Off Lows After Across-The-Board Inventory Draws Oil prices are tumbling this morning despite lower CPI (juicing rate cut hopes), weak retail sales (but strong gas station spending), and a big draw reported overnight by API. It seems the main downside driver was IEA lowering its 2024 demand forecast. World oil demand is forecast to grow by 1.1 million barrels per day this year, down 140,000 bpd from last month's projection. Global crude inventories surged in Marc
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