Oil prices were steady on Monday as caution relating to U.S. debt ceiling talks dragged on optimism over demand later in the year and offset support from lower supplies from Canada and OPEC+ producers. Brent crude futures rose 19 cents, or 0.3%, to $75.77 a barrel by 1323 GMT, while U.S. West Texas Intermediate (WTI) crude for July delivery rose 17 cents, or 0.2%, to $71.72. The International Energy Agency (IEA) warned of a looming shortage in the second half when demand is expected to eclipse supply by almost 2 million barrels per day (bpd). Last week, both oil benchmarks gained about 2%, their first weekly rise in five, after wildfires shut in large amounts of crude supply in Alberta, Canada.
The impact of voluntary production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, known as OPEC+, is also felt after going into effect this month. On Saturday, the Group of Seven (G7) nations pledged to enhance efforts to counter Russia's evasion of the price caps on its oil and fuel.
SOURCE: Reuters
