Brent for September settlement was little changed at $87.38 a barrel at 10:14 a.m. in London.
Oil traded near a two-month high with global equity markets at a record and shrinking US inventories boosting optimism of a summer rally. Brent crude traded around $87 a barrel, headed for a fourth weekly advance, with a recent rally aided by positive sentiment across markets. The biggest drop in US stockpiles in almost a year signaled tightening supplies this week.
Crude has been on a slow and steady grind higher since the beginning of June partly due to a positive outlook for demand over the Northern Hemisphere summer, with bullish, backwardated timespreads signaling healthy near-term consumption. “There is little to doubt the voracity of the current rally in oil prices,” said John Evans, an analyst at brokerage PVM. “The many calls of a much better path for bulls in the third quarter at present seem to hold true.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil trades near two-month highBrent for September settlement rose 0.1% to $86.69 a barrel at 8:35 a.m. in Singapore.
Read more »
Oil gains with focus on China’s economy and geopolitical risksBrent for September settlement rose 0.4% to $85.36 a barrel at 10:45 a.m. in London.
Read more »
James-Brent Styan exposes billionaire blunders in The Dirty Secrets of the Rich and PowerfulJames-Brent Styan exposes billionaire blunders in The Dirty Secrets of the Rich and Powerful
Read more »
Oil edges higher after weekly loss as focus turns to Fed ratesBrent for August settlement rose 0.3% to $79.89 a barrel at 12:31 p.m. in Singapore.
Read more »
Oil set for weekly loss after OPEC+ supply plan rattles marketBrent for August settlement rose 0.1% to $79.97 a barrel at 2:55 p.m. in Singapore.
Read more »
Oil extends gain even as Saudi price cut signals demand concernsBrent for August settlement gained 0.5% to $78.80 a barrel at 12:30 p.m. in Singapore.
Read more »