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'We recently updated our U.S. oil production expectations'.

Macquarie strategists said they expect Brent 'to grind higher until $90, or until we reach June'.

'Barring an escalation, we anticipate price will stay in its current range for 1Q24 as no supply loss is expected'.

Macquarie strategists are forecasting that U.S. crude inventories will be up 1.2 million barrels for the week ending May 3.

Macquarie strategists are forecasting that U.S. crude inventories will be down week on week.

Macquarie strategists revealed that they are forecasting that U.S. crude inventories will rise for the week ending March 1.

'In August, we expect a draw in crude inventories as recently underperforming refinery runs close the gap versus expectations'.

The strategists anticipate a correction.

Macquarie strategists said they 'expect oil to turn bearish as the year progresses'.

'Whether this is a shorter-term pause or longer-term departure from the prior plan to increase capacity to 13 million barrels per day appears unclear'.