TOKYO :Oil prices continued to climb on Tuesday with investors expecting a tighter market led by a seasonal rise in gasoline demand and supply cuts from OPEC+ producers, though concerns over the risk of a U.S. debt default capped gains.Brent crude futures rose 28 cents, or 0.37 per cent, to $76.27 a barrel by
TOKYO :Oil prices continued to climb on Tuesday with investors expecting a tighter market led by a seasonal rise in gasoline demand and supply cuts from OPEC+ producers, though concerns over the risk of a U.S. debt default capped gains.
"Oil prices are consolidating their bottoms, helped by a seasonal increase in U.S. gasoline demand from next week, production cuts by OPEC+ from this month and planned U.S. purchases to refill the Strategic Petroleum Reserve ," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities.
Goldman Sachs analysts said in a report on Monday that they"expect sustained deficits from June as OPEC+ production cuts fully realize and demand rises further."
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