Oil prices climb on summer demand optimism

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Home Business Oil prices climb on summer demand optimism 01-07-2024 09:52 AM Ammon News - Oil prices climbed on Monday, supported by forecasts of a supply deficit stemming from peak summer fuel consumption and OPEC+ cuts in the third quarter, although global economic headwinds and rising non-OPEC+ output capped gains. Brent crude futures rose 53 cents, or 0.6%, to $85.53 a barrel by 0729 GMT, while U.S. West Texas Intermediate crude futures were at $82.05 a barrel, up 51 cents, or 0.6%. Both contracts gained around 6% in June, with Brent settling above $85 a barrel in the past two weeks, after the Organization of the Petroleum Exporting Countries (OPEC) and their allies, a group known as OPEC+, extended most of its deep oil output cuts well into 2025. That led analysts to forecast supply deficits in the third quarter as transportation and air-conditioning demand during summer draw down fuel stockpiles. Reuters

Home Business

Oil prices climb on summer demand optimism

01-07-2024 09:52 AM

Ammon News - Oil prices climbed on Monday, supported by forecasts of a supply deficit stemming from peak summer fuel consumption and OPEC+ cuts in the third quarter, although global economic headwinds and rising non-OPEC+ output capped gains.

Brent crude futures rose 53 cents, or 0.6%, to $85.53 a barrel by 0729 GMT, while U.S. West Texas Intermediate crude futures were at $82.05 a barrel, up 51 cents, or 0.6%.

Both contracts gained around 6% in June, with Brent settling above $85 a barrel in the past two weeks, after the Organization of the Petroleum Exporting Countries (OPEC) and their allies, a group known as OPEC+, extended most of its deep oil output cuts well into 2025.

That led analysts to forecast supply deficits in the third quarter as transportation and air-conditioning demand during summer draw down fuel stockpiles.

Reuters

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