Oil prices gain as focus shifts to supply recovery and demand

Brent crude rose 0.39% to $72.29 and WTI gained 0.26% to $68.84 as focus shifted to supply recovery and demand. OPEC+ agreed to raise output targets by an additional 188,000 bpd from August, while UAE crude output topped 3.8 million bpd in June, the highest since April 2020. Saudi Aramco cut its August official selling price for Arab Light crude to Asia by $11, the largest drop in over two decades, signalling weak demand expectations, though geopolitical risk from US-Iran tensions continues to cap the downside.