Oil rises as US gasoline futures contracts rise

Oil prices rise by 1%, as gasoline futures contracts rise in the United States and expectations of higher demand for it in the second half of the year, and gasoline futures contracts in the United States rose 2.8% to reach the highest level in a month at $2.6489 per gallon.

And the International Energy Agency (IEA) warned of a looming oil shortage in the second half of the year, as demand is expected to exceed supply by about two million barrels per day, and production in the Kurdistan region of Iraq continued to decline, with few indications of the resumption of exports to the Turkish port of Ceyhan. After a hiatus of about two months.

Brent crude futures for July delivery rose 0.5% to $75.99 a barrel, and US West Texas Intermediate crude futures for June delivery rose 0.6% to $71.99 a barrel.