Oil prices stay firm as demand to outstrip supply in H2
SINGAPORE: Oil prices climbed in early Asian trade on Monday, underpinned by the bright outlook for fuel demand growth in the next quarter, while investors looked ahead to the OPEC+ meeting this week for supply guidance.
Brent crude futures for August nudged up 7 cents, or 0.1 per cent, to $68.79 a barrel by 0038 GMT after settling at their highest in two years on Friday. U.S. West Texas Intermediate crude for July was at $66.45 a barrel, up 13 cents, or 0.2 per cent.
Both contracts are on track for a second monthly gain as analysts expect oil demand growth to outstrip supply despite the possible return of Iranian crude and condensate exports.
