Oil Updates crude heads for first monthly gain this year as sgupply tihtens
After settling marginally higher on Thursday, both benchmarks were on track to climb more than 2.5 percent for June. While it would be Brent’s first monthly gain for 2023, it would mark a second for WTI after a gain in April. Despite the probably monthly gain, on a quarterly basis, Brent looks set for a loss of around 6 percent Markets are worried about tightening supply after the US Energy Information Administration said crude inventories dropped by 9.6 million barrels in the week ended June 23, far exceeding the 1.8-million-barrel draw analysts had forecast in a Reuters pollMeanwhile, US gross domestic product in the first quarter was revised up to a 2.0 percent annualized rate from the 1.3 percent pace reported previously. “A significant upward revision (of US GDP data) adds to the list of positive economic surprises in the US lately, with economic resilience aiding to calm some nerves around recession concerns, at least for now,” Yeap Jun Rong, market analyst at IG, said in a not