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.