NEWS Desk Global
OIL PRICES PUSH HIGHER AS DEMAND EXPECTATIONS OFFSET DOLLAR STRENGTH
Oil prices edged up on Monday on the prospect of strong summer fuel demand and rising geopolitical tensions outweighed the effects of a stronger dollar. Brent futures for August delivery were up 53 cents to $85.77 a barrel, a 0.6% gain, by 11:38 a.m. EST (or 1538 GMT). U.S. crude futures rose 65 cents to $81.38 per barrel, or a 0.8% gain.
Both benchmarks advanced about 3% last week for their second consecutive weekly upswing."The chief underlying reason behind the price strength ... is the growing confidence that global oil inventories will inevitably plunge during the summer in the northern hemisphere," said Tamas Varga of oil broker PVM, referring to seasonal demand for oil products.
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