The price of oil hovers near a three-month high due to supply issues – Trading Economics
The American oil benchmark also increased by 15.8% in July, marking the highest monthly figure since January 2022
WTI oil futures on Tuesday were holding above $81 a barrel, close to the highest level in the last three months, as the prospect of reduced global supply continued to boost oil prices.
This is reported by Trading Economics.
Markets are preparing for the OPEC+ meeting this week, where de facto leader Saudi Arabia is expected to continue its voluntary production cuts for another month.
As for demand, the latest data showed that US fuel demand increased to 20.78 million barrels per day in May, which is the highest figure since August 2019. The report also notes that US gasoline demand surged to 9.11 million barrels per day, marking the highest figure since June 2022.
Additionally, analysts have raised their global oil demand forecasts for this year and the next, citing higher growth estimates in major economies.
Background. Mind previously reported that, according to Bloomberg, global demand for oil had set a new record.
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