Oil prices rise on summer demand optimism | Business

Ammon News – Oil prices rose on Monday, supported by forecasts of a supply shortfall from peak summer fuel consumption and third-quarter OPEC+ cuts, although global economic headwinds and non-OPEC+ output growth capped gains.

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

Both contracts gained about 6 percent 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+, and -they expanded most of the oil production. reduces well in 2025.

That has led analysts to forecast supply shortfalls in the third quarter as demand for transportation and air conditioning during the summer drains fuel stocks.

Reuters