Reported about 1 year ago
Oil prices remained stable near a two-month high with WTI reaching above $84 a barrel after a drop in US crude inventories. Despite signs of weaker demand in Asia, crude is supported by supply constraints, summer demand, geopolitical risks, and bullish equity markets. The threat from Hurricane Beryl to Gulf of Mexico production is diminishing, while concerns about demand in China persist. Oil prices have risen over 14% from early June lows, but analysts suggest current strength could ease based on market and demand signals.
Source: YAHOO