Thursday, April 18, 2024
Biggest monthly gains in over a year for oil.

Biggest monthly gains in over a year for oil.

  • Oil prices edge up, eye strong monthly gains
  • Riyadh expected to extend voluntary cuts to Sep – analysts
  • Oil demand rose to a record 102.8 million bpd in July – analyst

Oil prices set for strong monthly gains

LONDON, July 31 (Reuters) – Oil prices were set to post their biggest monthly gains in more than a year on Monday, on expectations that Saudi Arabia will extend voluntary output cuts into September and tighten global supply.

Brent crude futures rose 60 cents higher to $85.59 a barrel by 1159 GMT, while U.S. West Texas Intermediate crude climbed 73 cents to $81.31 a barrel.

The September Brent contract will expire on Monday. The more active October contract was 62 cents higher at $85.03 a barrel.

Brent and WTI settled on Friday at their highest levels since April, gaining for a fifth straight week, as tightening oil supplies globally and expectations of an end to U.S. interest rate hikes supported prices.

Both are on track to close July with their biggest monthly gains since January 2022.

Saudi Arabia to extend voluntary output cuts

Reuters Graphics

Meanwhile, Saudi Arabia is expected to extend a voluntary oil output cut of 1 million barrels per day (bpd) for another month to include September.

“There is bull-twitch in the market’s antenna, something which Saudi will most definitely look

Source

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