Oil finds short-term support as oversupply eases, bearish risks linger

Core Viewpoint - The oversupply in the oil market at the beginning of the year is likely to have been sharply lower than previously expected, according to the International Energy Agency (IEA) [1] Group 1: Market Outlook - The IEA has revised its outlook for the global oil market, indicating a significant change in supply dynamics [1] - The initial expectations of oversupply have been adjusted, suggesting a tighter market than anticipated [1]