Overview

• A concerted effort by China, the US, and Europe to refill depleted oil stocks could boost demand and prices in the coming months.
• Recent tensions in the Middle East and supply disruptions have led to heavily depleted global oil inventories, prompting concerns over supply.
• Morgan Stanley raised its quarterly outlook for Brent crude prices, expecting a tighter oil market this year.
• US crude oil inventories saw a significant rise, countering expectations and impacting prices.
• OPEC maintains a strong forecast for demand growth in 2024 and 2025, despite geopolitical tensions and economic factors.