Oil rises on lower U.S. stockpiles but OPEC warns of 2022 glut | Reuters
Oil prices rose on Wednesday, heading for monthly and quarterly gains, after industry data suggested U.S. crude stockpiles were shrinking while an OPEC report foresaw an undersupplied market this year, but a possible glut next year.
The Brent crude contract for August, due to expire on Wednesday, was up 83 cents, or 1.1% at $75.59 a barrel by 1224 GMT. The September contract was up 99 cents at $75.27 a barrel. U.S. crude was up $1.10, or 1.5% at $74.08 a barrel.
Both Brent and WTIs are just below highs last reached in 2018, and are set to record their seventh monthly gain in the past eight months.
A Reuters poll showed that Brent was seen averaging $67.48 a barrel this year and WTI $64.54, both up from May's poll. read more
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