Oil prices rise due to summer demand outlook and OPEC+ cuts; Brent at $85.16, WTI at $81.71.
Oil prices rise on summer demand outlook and OPEC+ cuts; Brent crude up 0.2% to $85.16, WTI at $81.71. Forecasts of supply deficit from increased fuel consumption and OPEC+ cuts in Q3, countered by global economic headwinds and rising non-OPEC+ output. Both contracts gained around 6% in June, with Brent above $85. Analysts predict supply deficits in Q3 due to summer transportation and air-conditioning demand.
July 01, 2024
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