IEA warns latest oil price drop is running against backdrop of a supply crunch in 2H 2023

• Global oil demand set to rise by 2.2 mil bpd in 2023 to a record 102 mil bpd
• Current market pessimism stands in stark contrast to tighter market balances in 2H 2023
• That is when we expect demand to exceed supply by almost 2 mil bpd
• China will account for nearly 60% of global oil demand growth this year
• China's demand recovery has surpassed expectations, reaching a record 16 mil bpd in March

The above fundamental outlook is still being retained and is one reason to stay bullish on oil in the months ahead. However, the technicals are still a considerable factor as well. And right now, it is pointing to buyers just barely hanging on - with the 200-week moving average below $70 limiting a further drop in WTI WTI WTI is the short-hand for West Texas Intermediate crude oil. WTI is a type of petroleum crude oil that serves as a benchmark in oil pricing. It is a light, sweet crude oil that is extracted from West Texas area in the United States, including the Permian Basin. WTI crude oil is considered to be a high-quality oil due to its low sulfur content and high yields of gasoline and diesel fuel when refined. It is used as a benchmark for pricing other types of crude oil, and the price of WTI crude o WTI is the short-hand for West Texas Intermediate crude oil. WTI is a type of petroleum crude oil that serves as a benchmark in oil pricing. It is a light, sweet crude oil that is extracted from West Texas area in the United States, including the Permian Basin. WTI crude oil is considered to be a high-quality oil due to its low sulfur content and high yields of gasoline and diesel fuel when refined. It is used as a benchmark for pricing other types of crude oil, and the price of WTI crude o Read this Term crude.