Oil prices edged up in early trade on Monday, supported by forecasts of a supply deficit stemming from peak summer fuel consumption and OPEC+ cuts in the third quarter.
Brent crude futures rose 16 cents, or 0.2%, to $85.16 a barrel, while US West Texas Intermediate crude futures were at $81.71 a barrel, up 17 cents, or 0.2%.
Both contracts gained around 6% in June, with Brent has settling above $85 a barrel in the past two weeks, after the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, extended most of its deep oil output cuts well into 2025.
That led analysts to forecast supply deficits in the third quarter as transportation and air-conditioning demand during summer draw down fuel stockpiles.
Source: Qatar News Agency