Airlines face $90/bbl Brent this summer

Airline fuel bills will rise sharply this summer as market fundamentals tighten. Swiss bank UBS now expects Brent to hit $90 a barrel before the end of this quarter, citing OPEC plus production cuts and falling fuel inventories. Gains come despite stumbling demand: Closely watched U.S. summer gasoline demand was pegged at just 9.4 million barrels a day ahead of the July 4 Independence Day holiday, down from 9.6 million b /day last year, despite the record number of cars on the road. Brent ended Thursday at a nine-week high of $87.43/bbl, up $1.04/bbl on the week. US West Texas Intermediate added $2.17/bbl to finish at $83.91/bbl. Hurricane Beryl has already cut a destructive swath across the Caribbean and could hit parts of South Texas this weekend. The storm is likely to disrupt oil trade between the US and Mexico.