Reuters
Oil prices edged up in early trade on Monday, supported by forecasts of a supply deficit stemming from peak summer fuel consumption and OPEC+ cuts in the third quarter, although global economic headwinds and rising non-OPEC+ output capped gains. Brent crude futures rose 16 cents, or 0.2%, to $85.16 a barrel by 0032 GMT, while U.S. West Texas Intermediate crude futures were at $81.71 a barrel, up 17 cents, or 0.2%. Both contracts gained around 6% in June, with Brent has settling above $85 a barrel in the past two weeks, after the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, extended most of its deep oil output cuts well into 2025.