Brent Oil Price moves over $85 - June 19

[dan_s]

Brent crude futures held around $85.3 per barrel on Wednesday, hovering at the highest levels in seven weeks as escalating conflict in Eastern Europe and the Middle East reignited supply worries.
> In Russia, a Ukrainian drone strike caused a fire at an oil terminal at a major port, while a top Israeli official warned of an impending “all out war” with Lebanon’s Hezbollah.
> Oil prices were also supported recently by robust global demand growth forecasts, with OPEC, the IEA and US EIA all predicting solid oil demand growth in the second half of this year.
> Moreover, key OPEC+ members such as Russia and Iraq reaffirmed their adherence to production quotas, while Saudi Arabia indicated a willingness to adjust output in response to market conditions.
> Meanwhile, industry data showed that US crude inventories increased by 2.264 million barrels last week, defying forecasts for a 2.2 million barrel draw. < U.S. crude oil inventories are expected to have declined during the week ended June 14.