US oil prices are also set for a 3.9% gain this week, and have chalked up their longest rally since April 2022. So why are oil prices climbing? Oil output cutsAccording to the International Energy Agency, global oil demand is expected to rise by 2.2 million barrels per day to a record 102 million this year. But global oil production is forecast to rise by only 1.5 million barrels per day to 101.5 million, the agency said in a report this month. That failed to materialize, a factor that weighed on oil prices earlier this year.

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