Bright Economic Outlook Could Lift Oil Prices Even Higher

Brent oil prices broke out of the $75-$80 range they had been stuck in for months and rallied to a three-month high of over $85 per barrel as the market begins to see evidence of tightening and expects fresh stimulus in China to provide a boost to the economy and oil demand later this year.   Banks and analysts expect large deficits this quarter as supply is shrinking, courtesy of the OPEC+ production and export cuts, while demand is robust despite fears of recessions and an underwhelming Chinese economic performance.  Going forward,…