Oil Holds Near Two-Month High Amid Bullish Sentiment
05.07.2024 20:30 1 min. read Alexander Stefanov
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.
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.
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