Oil headed for its biggest monthly gain in more than a year on signs the market is tightening, with estimates that crude demand is running at a record clip just as OPEC+ cuts back production.
West Texas Intermediate held above $80 a barrel after a run of five weekly gains that lifted prices to the highest since April. The US crude benchmark has rallied almost 14% this month, putting it on course for the biggest advance since January 2022. It’s the best performance for July in almost two decades.
“Record high demand and Saudi supply cuts have brought back deficits,” Goldman Sachs Group Inc.
