Oil calms after monthly gains

Oil steadies after biggest monthly gain since early 2022 Oil steadies after biggest monthly gain since early 2022, as signs of a tighter global crude market offset signs that the rally could stall after such a rapid rise. U.S. crude was little changed below $82 a barrel after rising 16% in July. The gains, which took prices to their highest in three months, were supported by signs that demand is outpacing supply after OPEC+ cut production. In addition, speculation is reviving that the world’s largest economy can avoid a recession as U.S. inflation eases. The comeback in crude has been accompanied by a number of banks, including Goldman Sachs Group Inc., suggesting that the market is now facing a deficit after prices fell in the first half amid a glut of supplies. The OPEC+ Monitoring Committee will review the market online on Friday to gauge the impact of the reductions led by Saudi Arabia and its ally Russia. “Prices continue to be led by improving supply conditions. All eyes will be on whether prices can break out of their medium-term range,” said Yeap Jun Rong, market strategist at IG Asia Pte in Singapore, referring to recent output cuts.