Oil Prices Rise on Record Demand and Supply Cuts, Though Central Bank Policy Looms

Goldman Sachs predicts Brent crude will reach $86 per barrel by year-end due to high demand and slowing US production growth.
The International Energy Agency forecasts record high oil demand in 2023, climbing 2.4 million barrels per day.
OPEC and Russia have announced production cuts that will tighten supply amid rising demand.
Market participants are focused on upcoming Fed and ECB meetings for guidance on further interest rate hikes.
Long-term oil demand outlook remains uncertain due to energy transition efforts by major economies.