Brent rose to $85.6 per barrel

The oil quotes of the reference grades show a steady growth on Monday and may end the current month with a record rise since the beginning of 2022. Brent crude rose to $85.59 per barrel, North American WTI crude – to $81.26 per barrel.

Over the past week, Brent quotes increased by 4.8%, WTI – by 4.6%. In general, since the beginning of July, the price of Brent has increased by 12%, WTI – by 14%, which is the best monthly increase since January 2022. Analysts note that quotes continue to grow against the background of production cuts in Saudi Arabia and Russia.

«Record high demand and reduced supplies from Saudi Arabia have led to a shortage in the oil market,» Goldman Sachs analysts said. Experts also confirmed their forecast that Brent will cost $86 per barrel by the end of the year.

Strong macroeconomic data, in particular, on US GDP growth, may provide additional support to the black gold market in the near future. At the same time, data on drilling activity in the States showed that the number of working oil drilling rigs in the United States decreased by 5 units, to 664 units.