Oil prices have risen due to strong summer demand and easing inflation in the U.S. Brent crude futures increased to $85.77 a barrel, while West Texas Intermediate (WTI) crude futures rose to $83.12. U.S. gasoline and jet fuel demand hit multi-year highs, prompting refiners to boost activity and draw from crude stockpiles. The Energy Information Administration reported a significant drawdown of U.S. crude inventories, further supporting prices. Additionally, expectations for tighter oil supply and potential U.S. interest rate cuts have bolstered investor sentiment. OPEC maintained its growth forecast for oil demand, projecting increases in 2024 and 2025.