Oil prices rose in early trade on Monday, buoyed by expectations of a supply deficit caused by peak fuel consumption in the summer and OPEC+ cuts in the third quarter, but headwinds and increased non-OPEC+ production capped gains.
Brent crude futures rose 16 cents, or 0.2 percent, to $85.16 a barrel, and U.S. West Texas Intermediate crude futures rose 17 cents, or 0.2 percent, to $81.71 a barrel. Crude rose about 6 percent in June as Brent settled at more than$85 a barrel in the past two weeks after the OPEC group, which includes the Organization of the Petroleum Exporting Countries and its allies, extended most of its oil production cuts significantly until 2025.
Source (Al-Arabiya.net Website, Edited)
