Oil steadies amid economic concerns, higher U.S. crude stocks

In a bearish demand sign, U.S. crude inventories rose about 3 million barrels in the week to July 7, market sources said, citing American Petroleum Institute industry figures. Analysts polled by Reuters expected a 500,000-barrel rise in crude stocks.

Nevertheless, forecasts from the U.S. EIA and the International Energy Agency point to the market tightening into 2024. The Top producer Saudi Arabia pledged last week to extend a production cut of 1 million bpd in August, while Russia will cut exports by 500,000 bpd.

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