Oil maintains gains

Oil held on for two days of gains as industry data pointed to a decline in U.S. crude inventories ahead of the International Energy Market’s market outlook report. Brent crude traded around $82 a barrel after rising almost 3 percent earlier in the week, while U.S. crude traded above $78. The American Petroleum Institute reported that U.S. crude inventories fell by 2.4 million barrels last week, according to people familiar with the data. Oil has rebounded this week. On Tuesday, the U.S. forecast production in 2024 will rise more than previously expected, reaching a new record. The Organization of the Petroleum Exporting Countries remained bullish on the outlook. In a monthly report released on Tuesday, the group maintained its forecast for demand to strengthen in the second half of this year. The forecast is more optimistic than others in the sector.