Oil Prices Soar, Poised for Biggest Monthly Increase in Over a Year

Oil prices are on track to record their largest monthly gain since January 2022, driven by tightening supply, expectations of record demand, slower inflation in the U.S., and a resilient American economy. The U.S. benchmark WTI Crude is trading above $80 per barrel, while the international benchmark Brent Crude is slightly down from its Friday settlement. Analysts predict a record-high demand for oil this year, and Saudi Arabia is expected to extend its production cut into September. Additionally, improving macroeconomic sentiment and slowing price increases in the U.S. contribute to the positive outlook for oil prices.