Price of Brent crude has risen about $10 a barrel since early June
Oil is trading at around a two-month high, as refineries gear up for the summer driving season and traders fret over renewed tensions in the Middle East. Benchmark Brent crude edged up to as high as $86.83 on Wednesday, having gained about $10 a barrel since the beginning of June. The US equivalent, West Texas Intermediate, advanced above $83 before slipping back.
“Already in June, Opec+ exports are sharply lower, led by the Gulf countries and Iraq, in part due to summer crude burn amid the ongoing heatwave in the Middle East,” Energy Aspects said in a research note, referring to higher demand for power due to greater air conditioning usage. The price of oil fell sharply at the beginning of June after members of Opec+ said they would gradually try to reintroduce 2.2mn barrels of cut production back into the market, starting from September.
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