Oil Holds Near Two-Month High on Higher Demand Outlook

Singapore, Oil prices were little changed on Tuesday, holding near the two-month highs reached in the previous session, on expectations for rising fuel demand from the summer travel season and possible US interest rate cuts that could boost economic growth. Brent crude futures rose 20 cents to $86.80 per barrel after gaining 1.9% in the previous session to the highest close since April 30. US West Texas Intermediate crude rose 13 cents to $83.51 a barrel, after gaining 2.3% to its highest since April 26. Gasoline demand in the US is expected to ramp up as the summer travel season picks up with the Independence Day holiday this week. On the supply side, markets were planning for possible disruptions from Hurricane Beryl on US oil refining and offshore production. Source: Qatar News Agency