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Oil Advances as US Joins Chorus Slashing Global Glut Forecasts

Oil extended a gain as the US cut its forecast for a global oversupply, following similar moves by other market watchers including the International Energy Agency.



Oil prices were buoyed near $70 due to a bullish US forecast, easing inflation, and a reduced prediction for a global oil surplus from the Energy Information Administration. Slowing US inflation supported riskier assets. However, OPEC overproduction and rising US commercial inventories tempered gains. A potential truce between Ukraine and Russia also added uncertainty.

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