Analysts predict record demand, producer supply cuts, weaker futures, and higher storage costs will reduce U.S. crude oil stocks to their lowest level this year.

A tight crude market into 2024 will raise global oil prices.

U.S. inventories fell 10.6 million barrels to its lowest level since December 2022.

The International Energy Agency predicted a record high demand of 102.2 million barrels per day.

However, supply will not equal demand, as supply is projected to fall more than demand.