Oil prices climb on summer demand outlook
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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 33 cents, or 0.4%, to $85.33 a barrel by 0439 GMT, while U.S. West Texas Intermediate crude futures were at $81.86 a barrel, up 32 cents, or 0.4%.
Both contracts gained around 6% in June, with Brent has settling above $85 a barrel in the past two weeks, after the Organization of the Petroleum Exporting Countries 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.
Recent data and forecasts indicate that oil prices have been climbing due to expectations of increased demand during the summer months. This rise in demand is driven by factors such as peak summer fuel consumption and production cuts by OPEC Analysts predict supply deficits in the third quarter as transportation and air-conditioning demand during the summer draw down fuel stockpiles
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