Oil hits 7-session high; Brent exceeds $81

Oil drilling rigs

Oil closed positive today, June 10, with analysts stating that summer demand for fuel will push the market into a supply deficit in the coming weeks.

Brent crude for August delivery rose 2.5%, or $2.01, to settle at $81.63 per barrel, the highest level since May 30 ($81.88).

WTI crude for July delivery gained 2.95%, or $2.21, to record $77.74 per barrel, the highest settlement since May 30 ($77.91).

Goldman Sachs analysts expect Brent crude to rise to $86 in the third quarter. They said that the demand for transportation and summer heat will push the market to a deficit of 1.3 million barrels per day. The bank expects the minimum for crude oil to be $75 and the maximum $90 this year.

In addition to inflation data in the United States and the Federal Reserve's decision on interest rates this week, investors are awaiting the monthly reports of OPEC and the International Energy Agency on April 11 and April 12, respectively, to know their expectations about the global oil market.