Oil prices rose on Monday, driven by forecasts of a supply deficit from peak summer fuel consumption and OPEC+ cuts, despite global economic challenges and increased non-OPEC+ output.
Brent crude futures reached $85.53 a barrel, while U.S. West Texas Intermediate crude futures hit $82.05 a barrel. Both contracts saw significant gains in June, as OPEC+ extended oil output cuts into 2025.
Analysts predict supply deficits in the third quarter due to summer demand. The Energy Information Administration reported a four-month high in oil production and demand in April. Hopes for a U.S. Federal Reserve interest rate cut and rising geopolitical concerns also supported prices.
Challenger Energy Group plc (LON:CEG) is a Caribbean and Atlantic margin focused oil and gas company, with a range of petroleum assets located onshore in Trinidad and Tobago, and Suriname, and offshore in the waters of The Bahamas and Uruguay.
