Goldman Sachs analysts expect Brent to rise to $86 a barrel in third quarter, saying in a report that solid summer transport demand will push the oil market into a third-quarter deficit of 1.3 million barrels per day (bpd).
Oil prices rose on Monday, buoyed by hopes of rising fuel demand this summer, though gains were capped by a strengthening of the dollar on receding expectations of imminent cuts to U.S. interest rates . Goldman Sachs analysts expect Brent to rise to $86 a barrel in third quarter, saying in a report that solid summer transport demand will push the oil market into a third-quarter deficit of 1.3 million barrels per day (bpd). Brent crude futures gained 53 cents, or 0.7%, to $80.15 a barrel by 1320 GMT. U.S. West Texas Intermediate crude futures were up 57 cents or 0.8% at $76.10. "The increase in prices started as the U.S. wakes up and kicks off the new week.
Investors on the other side of the Atlantic clearly dismiss the Euro weakness and the resultant dollar strength due to French snap elections," said Tamas Varga of oil broker PVM. "There is a growing conviction that demand will be buoyant as the summer driving season approaches leading to considerable stock draws". Oil last week posted a third straight weekly loss on concerns that a plan to unwind some production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, from October will add to rising supply.
Despite the OPEC+ cuts, oil inventories have risen.
U.S. crude stocks rose in the latest week, as did gasoline stocks.
Energy consultancy FGE also expects oil to rally, with prices reaching the mid-$80s into the third quarter.
"We continue to expect the market to firm up," FGE said.
"But it will likely need a convincing signal of tightening from preliminary inventory data.
" A strong dollar weighed on the market, with the currency rallying after Friday's U.S. jobs data prompted investors to trim expectations for interest rates.
[USD/] The euro, meanwhile, fell after French President Emmanuel Macron called a snap parliamentary election.
A stronger U.S. currency makes dollar-denominated commodities such as oil more expensive for holders of other currencies.
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The Cabinet has approved a Rs 7,145.14 crore, 117.7-km access-controlled greenfield highway between Kanpur and Kabrai on NH-34 in Uttar Pradesh. The BOT toll project is designed to cut travel time from 3.5 hours to 1.5 hours, strengthen links to the Kabrai mining belt and Bundelkhand corridor, and lower logistics friction for freight, construction material and agricultural movement.
NHAI has launched Multi-Lane Free Flow tolling at Manoharpura Toll Plaza on the Delhi-Jaipur section of NH-48 in Rajasthan. The barrier-free FASTag and ANPR system matters because it cuts toll-stop idling on a busy highway corridor, but users now need proper FASTag balance and must clear any e-notice within 72 hours to avoid double charges.
India has reset windfall-linked export duties from July 1, 2026 by raising the levy on petrol exports to Rs 4 per litre while cutting diesel and aviation turbine fuel export duties to Rs 8.50 and Rs 7.50 per litre respectively. The move matters because it changes refining economics, export incentives and the downstream pressure points that can eventually shape domestic fuel availability, airline costs and broader transport pricing.
State-run oil companies cut the 19-kg commercial LPG cylinder price by Rs 183.50 from July 1, 2026 and reduced aviation turbine fuel by Rs 5 per litre to about Rs 110 in Delhi. The move offers relief to restaurants, hotels and airlines, but household LPG, petrol and diesel users are still waiting.
