Oil Prices Steady Amid Storm Threat and Summer Demand

Oil prices held steady on Monday as traders monitored hurricane Beryl's potential impact on Gulf of Mexico production and noted robust summer demand signals.

Crude prices have risen for four consecutive weeks on expectations of increased summer demand and concerns over potential supply disruptions due to weather. However, fears of economic slowdown in China, the world’s largest oil importer, have tempered recent gains.

Brent crude futures for September edged up 0.2% to $86.67 per barrel, while West Texas Intermediate (WTI) crude held at $82.28 per barrel. Both benchmarks remained near their recent two-month highs.

Major Texas ports closed over the weekend in preparation for Tropical Storm Beryl, which could become a hurricane, potentially delaying crude shipments from key oil export regions.

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Initial forecasts minimized Beryl’s impact, but the storm’s unexpected strength after affecting Jamaica raised concerns about Gulf of Mexico production disruptions.

Strong U.S. travel demand during the Independence Day holiday and significant reductions in U.S. oil inventories supported prices, indicating robust summer demand. Geopolitical tensions in the Middle East also continue to underpin oil markets amid concerns of potential disruptions to regional oil production.

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.