Brent Climbs Over $120

Oil futures gained on Monday, with Brent rising above $120 a barrel after Saudi Arabia raised prices for its crude sales in July, signaling tight supply even after OPEC+ producers agreed to accelerate output increases over the next two months.
Brent crude firmed 68 cents, or 0.6%, to $120.40 a barrel after touching an intraday high of $121.95, extending a 1.8% gain from Friday, Reuters reported.
WTI crude futures were up 61 cents, or 0.5%, at $119.48 a barrel after earlier hitting a three-month high of $120.99. It gained 1.7% on Friday.
Saudi Arabia raised the July official selling price for its flagship Arab light crude to Asia by $2.10 from June to $6.50 premium versus the average of the Oman and Dubai benchmarks, state oil producer Aramco said on Sunday.
The July OSP is the highest since May, when prices hit all-time highs due to worries of disruption in supplies from Russia because of sanctions over its invasion of Ukraine.
The price increase came despite a decision last week by the Organization of Petroleum Exporting Countries and allies, together called OPEC+, to increase output in July and August by 648,000 barrels per day, or 50% more than planned.