Oil rises to two-month high on summer demand outlook and supply fears

Quick Summary:

BENGALURU :Oil prices extended gains to two-month highs on Tuesday on expectations of rising demand during the summer driving season and possible supply disruptions from Hurricane Beryl.

Brent crude futures rose 70 cents, or 0.81 per cent, to $87.30 a barrel by 1035 GMT, their highest since April 30.U.S.

The American Automobile Association has forecast that travel during the holiday period will be 5.2 per cent higher than in 2023, with car travel up 4.8 per cent.

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Article Details

Category: EconomyBusiness

Markets: SingaporeFranceMexicoUnited States

Topics: Hurricane Crude Demand Travel Cent Lower 2024 Prices Expected Energy Summer

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-02 @ 17:09:33 (4 days ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 405 words

Reading Time: 3 minutes read

Sentences: 15 lines

Sentence Length: 27 words per sentence (average)

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Copyright Owner: © Channel News Asia

News ID: 21459706

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About Channel News Asia

Main Topics: EconomyBusiness

Official Website: channelnewsasia.com

Update Frequency: 3 posts per day

Year Established: 1999

Headquarters: Singapore

News Last Updated: 2 hours ago

Coverage Areas: Singapore

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Publisher ID: #27

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