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Oil prices extended gains across major benchmarks on Monday, with Brent crude climbing to $97.34 per barrel as traders assessed ongoing production restraint by key exporters and resilient consumption signals from major economies. West Texas Intermediate futures similarly advanced, trading above $93 in New York. The upward movement reflects a market that has added more than 10 percent in value over the past four weeks, according to trading data tracked by the Emirates News Agency.
The Emirates News Agency reported that the latest price surge stems from expectations of sustained supply discipline by OPEC+ members, who have maintained output cuts totaling more than 2 million barrels per day through the current quarter. The International Energy Agency’s most recent assessment placed global oil demand at an average of 103.2 million barrels per day for the year, up roughly 1 million barrels daily from 2025 levels. This demand trajectory has contributed to below-average commercial inventories in key consuming regions.
Analysts following the market have adjusted their forecasts higher in response to the tightening balance. A recent note from Goldman Sachs projected that Brent could approach the $100 threshold by year-end if OPEC+ adherence remains strong and Asian economies sustain their recovery in fuel use. Such estimates align with observations that non-OPEC supply growth has failed to match the pace of consumption increases in emerging markets.
U.S. Energy Information Administration figures released last week showed a 2.1-million-barrel decline in domestic crude stockpiles, outpacing consensus forecasts and reinforcing the bullish tone. Refinery runs along the Gulf Coast have climbed toward seasonal peaks as operators prepare for colder months. The inventory draw coincides with tanker freight rates rising on major Middle East export routes, according to shipping market reports.
Related petroleum products mirrored the advance in crude, with gasoline and heating oil contracts posting corresponding increases on the New York Mercantile Exchange. The coordinated movement across the energy complex highlights broader concerns over potential disruptions in producing areas. Market participants are now watching for outcomes from upcoming producer group consultations scheduled before the end of the month.
The Organization of the Petroleum Exporting Countries stated in its latest monthly assessment that the oil market is headed for a deficit in the final months of 2026, assuming current quota levels hold. Compliance with the agreed cuts has averaged 85 percent among participating nations in recent periods, the group noted. These dynamics have supported the steady appreciation in Brent prices observed since the start of the summer trading season.
