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FGE In the Media

Oil Prices Start the Week With a Slight Gain but Uncertainty Remains


Another aggravating factor for oil prices was the increase in inventories across OECD countries. Those were reported at 48 million barrels on land in May, which was significantly higher than the 2015-2019 average, which stood at 30 million barrels, according to energy consultancy FGE. However, FGE sounded a bullish note for the rest of the year, saying “We continue to expect the market to firm up and crude prices to reach mid-US$80/bbl levels as we move into 3Q 2024, but it will likely need a convincing signal of tightening from preliminary inventory data.”

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