Oil prices rose to the highest level in 3 months at the close of Monday’s session, recording the largest monthly gain since January 2022, driven by signs of shrinking global supply and increasing demand during the remaining months of the year.
Upon settlement, Brent crude prices rose by 1.2% to close at $85.43 a barrel, and West Texas Intermediate crude futures rose by 1.5% to $81.80 a barrel.
The two benchmarks recorded their highest levels since late April for the third consecutive session on Monday, after achieving their fifth consecutive weekly gain on Friday.
For its part, Goldman Sachs said that the global demand for oil rose to a record level of 102.8 million barrels per day in July, and the bank revised the estimate of demand in 2023 by about 550 thousand barrels per day.
The bank based this on stronger estimates of economic growth in India and the United States, which offsets shrinking consumption in China.
