Oil prices surged on Tuesday

International benchmarks for oil prices moved higher on Tuesday (12 July) after OPEC monthly report expected the global supply glut to ease further this year and next year thanks to reductions in output from producers outside the cartel, particularly the United States. The organization also expressed its expectation to see a pick up in global demand growth in 2017, which will help remove overall excess oil stocks. Traders also expect weekly US inventory data due Wednesday to show a continued decline in domestic crude supplies.

WTI closed at $46.80/barrel (+$2.04) August delivery

Brent closed at $48.47/barrel (+$2.22) September delivery