Oil is on track for its greatest monthly rise in more than a year, amid signs that the market is tightening and forecasts that demand for crude oil is at an all-time high as OPEC+ decreases production.
WTI rose above $80 a barrel. The US benchmark for crude also rose nearly 14% this month, putting it on track for its biggest advance since January 2022. It’s the best July performance in nearly two decades.
The streak of oil rallies means New York futures have erased year-to-date losses, with expectations that the Federal Reserve is close to ending its tightening cycle and helping to boost sentiment as the dollar weakens.
US employment data due this week is likely to point to a good outlook for demand, while China, the largest importer, is pressing on with stimulus to boost its economy.
