HomeIndustriesOil Headed for Largest Monthly Gain Since Early 2022

Oil Headed for Largest Monthly Gain Since Early 2022

Oil is on track to record its largest monthly gain since January 2022 as the market continues to tighten following the latest supply cut announced by OPEC+.

West Texas Intermediate was trading slightly above $80 per barrel on Monday morning, touching its peak in April last year and rallying almost 14% since the start of July. Should its current value hold until market close, the US crude benchmark will achieve its best performance for July in the last two years.

“Record high demand and Saudi supply cuts have brought back deficits,” Goldman Sachs noted. “The market has abandoned its growth pessimism.” Goldman Sachs’ team of analysts forecast that Brent would hit $86 per barrel in December.

PCE Inflation Report Threatens to Delay Fed Rate Cuts

Investors are bracing for the release of the Personal Consumption Expenditures (PCE) report on Thursday, with markets concerned that hotter-than-expected inflation data could further...

U.S. Futures Decline Ahead of Inflation Report

Futures on the New York Stock Exchange declined on Wednesday ahead of a crucial inflation report that is expected to provide insight into the...

Stocks Hold Steady Ahead of Inflation Report

U.S. equities remained largely muted on Tuesday after reaching all-time highs as investors awaited the release of a crucial inflation report. The PCE index,...