Oil rises to highest level in 3 months

24/07/2023 Argaam
Oil drilling rig

Oil drilling rig

Oil prices inched down today, July 24, after posting gains for the fourth straight week amid expectations for another rate hike by the Federal Reserve this week.

 

Brent crude for September delivery rose 2%, or $1.67, to $82.74 a barrel, the highest level since April 18.

 

US West Texas Intermediate (WTI) crude for August delivery jumped 2.15% or $1.67, to $78.74 a barrel, the highest level since April 18

 

US investment bank Goldman Sachs believes that record demand in oil markets will drive crude prices higher in the near term, reaching $86 per barrel by year-end. It also expects pretty sizable deficits in the second half of almost two million barrels per day in the third quarter as demand reaches an all-time high.

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