Supply Concerns and Demand Optimism Are Boosting Oil Prices

Oil prices surged this week as hurricane season began, demand improved, and both U.S. crude and gasoline inventories fell. Rising geopolitical risk around the world only added to bullish sentiment.Friday, June 21, 2024The onset of hurricane season in the US, improving demand figures that are corroborated by shrinking crude and product inventories, and more visible Chinese buying have come together to lift oil prices to their highest since early May. The market was also reminded of the dysfunctional Red Sea navigation with the Houthis sinking another…