US crude climbs above $80 a barrel, while Brent rushes to seven-week high

Global oil prices rose in American trade on Tuesday for the third straight session, with US crude trading above $80 a barrel for the first time in three weeks, while Brent rose to seven-week highs on expectations of reduced global inventories in the third quarter of the year due to increasing summer demand. 

Now traders await initial US crude stocks data later today from the American Petroleum Institute, expected to show a drawdown for another week.

Prices 

US crude rose 0.7% to $80.37 a barrel, the highest since May 29, with a session-low at $79.19.

Brent rose 0.5% to $84.88 a barrel, the highest since May 1, with a session-low at $83.69. 

On Monday, US crude rose 1.9%, while Brent rallied 2.2%.

Global Stocks 

RBC Capital Markets’ analysts expect global crude stocks to fall by 850 thousand bpd in the third quarter as summer demand picks up.

US Stocks 

Later today, the American Petroleum Institute will release data on US crude stocks, expected to show a drawdown for the second week in a row.