Demand Surge Set To Push Oil Prices Higher This Year

Brent oil prices have found a new higher floor at above $80 per barrel in recent days as the market starts to believe in fundamentals while looking out for signs of a recession. As supply is tightening due to the OPEC+ cuts and a slowdown in U.S. shale production growth, demand is robust and likely to further strengthen during the third quarter with peak driving season and strong consumption in the two leading Asian crude importers, China and India, analysts say. That’s not to say that fears of recessions aren’t influencing the market.…