Oil steadies ahead of U.S. inflation data
Oil prices have been boosted in recent days by extensions to output cuts by Saudi Arabia and Russia, alongside supply fears driven by the potential for conflict between Russia and Ukraine in the Black Sea region to threaten Russian oil shipments.
The U.S. is also prohibiting some investment in China in sensitive technologies like computer chips and requires government notification in other tech sectors. Lending support to prices, OPEC said in its monthly report on Thursday it expected a healthy oil market for the rest of the year, and stuck by its forecast for robust oil demand in 2024, as the outlook for world economic growth slightly improves.
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