Oil prices rise 2% on summer demand hopes, supply worries

Washington, July 1 (BNA): Oil prices climbed about 2% on Monday on hopes of rising demand during the Northern Hemisphere’s peak summer driving season and worries that OPEC+ production cuts could result in supply deficits later in the year.


On its first day as the front-month contract, Brent futures for September delivery were up $1.25, or 1.5%, from where that contract closed on Friday to $86.25 a barrel at 11:48 a.m. EDT (1548 GMT) on Monday, Reuters reported.


U.S. West Texas Intermediate crude for August delivery rose $1.27, or 1.6%, to $82.81 per barrel, putting the contract on track for its highest close since April 26.


Both contracts gained about 6% in June, with Brent closing at an eight-week high on Friday when the higher-priced August contract was still the front-month contract.




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