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.
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.
U.S. inflation accelerated in June, dealing a potential setback to expectations of imminent Federal Reserve rate cuts.
In a surprising long-term performance shift, gold has officially outpaced the U.S. stock market over the past 25 years—dividends included.
The United States has rolled out a broad set of new import tariffs this week, targeting over 30 countries and economic blocs in a sharp escalation of its trade protection measures, according to list from WatcherGuru.
After a week of record-setting gains in U.S. markets, investors are shifting focus to a quieter yet crucial stretch of macroeconomic developments.