With global stock markets reaching historic highs and US inventories declining, Brent crude oil prices hover around $87 per barrel, poised for a fourth consecutive weekly increase.
Despite sluggish growth in US rents and wages in June, positive market sentiment and expectations of rate cuts have supported recent gains.
This week, a significant decrease in US oil inventories indicates tight supply, with increased market momentum also driven by concerns over an active hurricane season.
Since June, oil prices have steadily risen on optimistic summer demand forecasts and sustained consumption. The optimistic forecasts have proven to be accurate.
Read more:
Latest economic data shows US unemployment rate rising to 4.1%.
Analysts such as John Evans from PVM confirm the persistence of current price increases and emphasize bullish expectations for the third quarter, despite soft signals in Asian demand prompting Saudi Aramco to lower crude prices in that region.
