US oil storm

Oil prices have calmed after four weeks of gains as investors tracked storms in the U.S. and wildfires in Canada. Brent crude held above $86 a barrel after rising more than 8 percent during earnings in early June, while U.S. crude remained below $83. Storm Beryl is expected to intensify rapidly as it approaches the Texas coast as oil companies adjust operations. Wildfires in Alberta also threaten supply. While Beryl “does put some offshore oil and gas production at risk, concerns about the potential impact on refinery infrastructure as the storm makes landfall could spell downside for crude and upside for refined products,” said Warren Patterson, head of commodity strategy at ING Groep NV in Singapore. Oil prices reached their highest level since late April last week, as expectations of rising demand over the summer months and dwindling inventory pushed prices higher. The rally faced some resistance due to signs of weakness in China, the largest importer of crude oil, while market expectations of a U.S. rate cut helped lift risk assets including commodities. Money managers increased their net long positions on Brent for a fourth week.