LONDON: Oil prices rose yesterday, heading for monthly and quarterly gains, after industry data suggested US crude stockpiles were shrinking while an Opec report foresaw an undersupplied market this year, but a possible glut next year.
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The Brent crude contract for August, due to expire yesterday, was up 46 cents, or 0.6 per cent at $75.22 a barrel. The September contract was up 51 cents at $74.79 a barrel. US crude was up 53 cents, or 0.7pc at $73.51 a barrel.
Crude stocks in the US were down by 8.2 million barrels, American Petroleum Institute data showed, according to two sources.
Goldman Sachs forecasts that demand will rise by a further 2.2 million bpd by the end of 2021, leaving a 5 million bpd supply shortfall. However, an internal Opec report seen by Reuters highlights that the oil market could return to a glut after the group is expected to unravel oil production cuts of under 6m barrels per day by April 2022.
