Crude oil futures ended sharply higher, magnifying their previous session’s gains amid expectations of high summer demand for the commodity and continued production cuts by OPEC and allies. Global oil demand is widely expected to continue to rise due to higher summer demand and hot weather in Asia. On the supply side, there are expectations that OPEC+ might reconsider plans to increase oil supplies in the latter part of the year.
\Benchmark crude oil futures for July delivery rose by $1.24 or 1.54% to settle at $81.57 a barrel on the New York Mercantile Exchange. Brent crude for August delivery was up $1.08 or about 1.28% to $85.33 per barrel on London's Intercontinental Exchange.