Oil prices rose in early trading on Monday, supported by expectations of a supply deficit resulting from peak fuel consumption in the summer and OPEC+ cuts in the third quarter, but adverse economic trends and increased production from outside the OPEC+ group limited the Gains.
Brent crude futures rose 16 cents, or 0.2%, to $85.16 per barrel by 00:32 GMT, and US West Texas Intermediate crude futures rose 17 cents, or 0.2%, to $81.71 per barrel.
The two crude oil prices rose about 6% in June, as the price of Brent at settlement reached more than $85 a barrel in the past two weeks after the OPEC+ group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, significantly extended most of its oil production cuts until 2017. 2025.
In light of this, analysts expected a supply shortage in the third quarter, as demand for transportation and air conditioning equipment during the summer leads to a decrease in fuel stocks.
Source: National Iraqi News Agency