Oil prices remained stable on Monday as traders monitored the potential impact of Hurricane Beryl on production in the Gulf of Mexico and reported signals of stable demand during the summer. Crude oil prices have risen for four consecutive weeks due to expectations of increased demand during the summer and concerns about potential supply disruptions due to weather conditions. However, expectations of a slowdown in economic growth in China, the world’s largest oil importer, have softened recent gains. September futures for the “Black Swan” crude oil type increased by 0.2% to $86.67 per barrel, while West Texas Intermediate (WTI) crude oil remained at $82.28 per barrel. Both benchmarks remained close to their two-month highs. Major ports in Texas closed over the weekend in preparation for Hurricane Beryl, which could delay the delivery of crude oil from key regions. Initial forecasts had minimized the impact of the hurricane, but after affecting Jamaica, concerns arose about disruptions in production in the Gulf of Mexico. The high tourist demand in the United States during the Independence Day holiday and the decrease in oil inventories supported prices, indicating stable demand during the summer. Geopolitical tensions in the Middle East also continued to support oil markets amid concerns of potential disruptions in regional oil production.
