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Brent Crude Rises Above $80 a Barrel for First Time Since May

Brent crude futures rose above $80 a barrel for the first time since early May amid signs of tightening supplies and slower-than-expected US inflation.

Julia Fanzeres, Anthony Di Paola
A worker prepares to fill a freight wagons with gasoline in the rail yard at the INA Industrija Nafte d.d. oil refinery in Urinj, Croatia, on Monday, July 18, 2022. The European Union last week gave its final approval for Croatia to join the euro zone early next year as the region looks to strike a delicate balance between bringing down inflation and sustaining output as the region risks a total cut off of Russian gas. Photographer: Oliver Bunic/Bloomberg

(Bloomberg) -- Brent crude futures rose above $80 a barrel for the first time since early May amid signs of tightening supplies and slower-than-expected US inflation.

Prices have climbed since OPEC+ heavyweights Saudi Arabia and Russia pledged even more output reductions in an effort to rebalance the market. Russian crude production is now showing signs of dropping, with average shipments falling below February averages.

Futures rose as much as 0.8% in London and were last at $79.95 a barrel.

More stories like this are available on bloomberg.com

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