The U.S. Energy Information Administration raised its Brent crude forecast to average around $90 a barrel for the second half of the year, about 5% higher than its last estimate.
China and Russia have come together for a new shipping route between Ningbo, China, and Felixstowe, in the U.K. The new path could cut shipping times in half.
Kayla Bartkowski/Los Angeles Times via Getty Images
A tenuous deal with Iran has pushed oil prices lower, but U.S. strategic petroleum reserves are at their lowest level in 40 years and commercial inventories have been heavily drawn down.