Crude oil closes: New York crude hit a three-month high Brent crude hit a new intra-month high

News on June 8, investors waiting for inventory data and assessing risk appetite and tight crude oil market supply conditions, crude oil futures closed up in shock, New York crude oil approached $120, a three-month high
.

West Texas Intermediate crude for July delivery rose 91 cents, or 0.
8 percent, to $119.
41 a barrel on the New York Mercantile Exchange, its highest close for a front-month contract since March 8
.
August Brent crude futures on the ICE Futures Exchange rose $1.
06, or 0.
9%, to settle at $120.
57 a barrel, their highest closing level
since May 31.

Gasoline prices on the New York Mercantile Exchange fell 0.
8 percent to $4.
1577 a gallon in July, extending losses after closing at record highs on Friday
.
July heating oil fell 0.
9% to $
4.
3206 a gallon.
Natural gas prices edged down 0.
3 percent in July to close at $9.
293 per million British heat, their highest closing level
since Aug.
1, 2008, on Monday.

Crude oil prices are volatile, but crude oil prices remain supported
by concerns about tight supply as demand recovers after the end of lockdowns and Russian crude withdrawals due to sanctions and embargoes.

Traders will be watching for weekly inventory data released Tuesday night by industry trade group American Petroleum Institute, and official data
released by the U.
S.
Energy Information Administration on Wednesday.

According to a survey of analysts by S&P Global Commodity Insights, the recovery of U.
S.
refinery capacity could lead to a seasonal rise
in U.
S.
refined product inventories in the week ending June 3.
The EIA expects crude inventories to fall by 2.
9 million barrels, gasoline inventories to increase by 2 million barrels and distillate inventories to increase by 800,000 barrels
, the survey found.

Goldman Sachs analysts said in a note on Tuesday that the "political" surpluses generated in April and May were over
due to only a small decline in Russian exports, a massive release of strategic oil reserves by several countries and a lockdown by China against the coronavirus pandemic.

Meanwhile, the decision to increase production last week by the Organization of the Petroleum Exporting Countries and its allies did little
to cool crude prices.
OPEC+ agreed to raise its production target by 648,000 barrels per day in July and August, up from 432,000 barrels
previously delivered.
But analysts point to OPEC+ recently failing to meet its production targets and doubt the organization's ability to meet larger targets
.