Oil edges up on US fuel demand expectations ahead of OPEC+ meeting

Tokyo, May 28 (BNA): Oil prices edged up in Asia on Tuesday, extending gains from the previous session, buoyed by expectations of strong fuel demand from the U.S. during the summer, and ahead of an output policy decision from OPEC+ at a June 2 meeting.

July Brent crude rose 6 cents to $83.16 a barrel by 0608 GMT. The more-active August futures rose 5 cents to $82.93, Reuters reported.

U.S. West Texas Intermediate (WTI) crude futures for July were at $78.80 a barrel, up $1.08, or 1.39%, from Friday’s close, having traded through a U.S. holiday to mark Memorial Day without a settlement.

Oil prices rose over 1% on Monday in muted trade owing to public holidays in Britain and the United States after a downbeat week characterised by the outlook for higher-for-longer U.S. interest rates in the face of sticky inflation.

Expectations of strong fuel demand with the start of the U.S. summer driving and vacation season provided price support, some analysts said.



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