Oil Prices Remain Rangebound Despite Rising Gasoline Demand

Oil prices have been rangebound for the last four weeks with demand concerns being canceled out by expectations of an OPEC+ production cut extension.- The latest forecast from the US National Oceanic and Atmospheric Administration (NOAA) confirmed that this year’s Atlantic hurricane season is expected to be above normal, with the potential for 17 to 25 named storms from June to November.- With 8 to 13 of those storms likely to develop into hurricanes, almost double the past year’s average, 2024 might see heightened risks for production…