(Bloomberg) — Oil ticked higher ahead of reports from OPEC and the IEA this week that will shed light on global crude balances, with traders also tracking Tropical Storm Beryl’s path as it approaches Texas.
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Brent crude rose toward $87 a barrel after four weeks of gains, with West Texas Intermediate above $83. The Organization of Petroleum Exporting Countries and the International Energy Agency both present monthly market snapshots this week, as does the US Energy Information Administration.
Tropical Storm Beryl is expected to rapidly strengthen as it nears the Texan coast on Monday, with oil companies adjusting operations as it bears down on the state. The system was last 135 miles (217 kilometers) east-southeast of Corpus Christi.
Oil touched the highest level since late-April last week as expectations for higher demand and lower stockpiles over the summer months pushed prices higher. While the rally has faced some resistance from some signs of weakness in China, the largest crude importer, wider market expectations for US interest-rate cuts have helped to buoy risk assets including commodities.
On the geopolitical front, a shock election result in France, which saw the left-wing coalition winning, could portend political instability, without a single party getting a majority in the National Assembly. In the US, pressure continues to mount for President Biden to quit the race for president.
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