"Oil Prices Surge, Set for Largest Monthly Increase in 12 Months"

Oil prices are on track for their biggest monthly gains in over a year, hovering near three-month highs, as expectations of Saudi Arabia extending voluntary output cuts into September and tightening global supply support the market. Brent crude futures dipped slightly to $84.90 a barrel, while U.S. West Texas Intermediate crude was at $80.41 a barrel. Both Brent and WTI settled on Friday at their highest levels since April, with July set to close as their biggest monthly gains since January 2022. Goldman Sachs estimates global oil demand rose to a record 102.8 million bpd in July and expects prices to rise further in the second quarter of 2024.