Brent and WTI settled on Friday at their highest levels since April. Both are on track to close July with their biggest monthly gains since January 2022.
The September Brent contract will expire later on Monday. The more active October contract was at $84.23 a barrel, down 18 cents.
"Oil prices are up 18% since mid-June as record high demand and Saudi supply cuts have brought back deficits, and as the market has abandoned its growth pessimism," Goldman Sachs analysts said in a July 30 note. The bank maintained its Brent forecast at $86 a barrel for December and expects prices to rise to $93 in the second quarter of 2024.
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