Oil Holds Near Two-Month High Amid Bullish Sentiment

Brent crude hovers around $87 per barrel, poised for its fourth consecutive weekly gain as global equities hit record highs and US inventories decline.

Positive market sentiment and expectations of interest rate cuts are supporting the recent rally, despite weaker US hiring and wage growth in June.

A sharp drop in US stockpiles this week indicates tightening supplies, while concerns about an active hurricane season add to market dynamics.

Oil prices have steadily climbed since June, driven by optimistic summer demand forecasts and healthy near-term consumption signaled by bullish timespreads.

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Analysts, like John Evans from PVM, affirm the robustness of the current price rally, emphasizing bullish expectations for the third quarter despite softer demand signals from Asia prompting Saudi Aramco to reduce crude prices for the region.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.