Oil jumped 2% today to a 10 month high on the back of OPEC predicting tight supplies. U.S. West Texas Intermediate crude rose $1.55 per barrel, to settle at $88.84 per barrel. Brent futures rose US$1.42 per barrel, to settle at US$92.06 per barrel. From a technical standpoint both benchmarks remain technically overbought, and closed at their highest levels since November 2022. You have to be brave to go long but shorting this market could be punitive nothing about oil is fundamentally driven anymore as we in the U.S. are a net buyer and have no control. OPEC stuck to its forecasts for robust growth in global oil demand in 2023 and 2024, citing signs that major economies are stronger than expected. OPEC’s monthly report forecast world oil demand will rise by 2.25 million barrels per day in 2024.