Oil prices were higher today as the market grows more optimistic on oil demand outlook. Last week, both benchmarks posted their first weekly gain in four weeks after reports from the OPEC+ producer group, the International Energy Agency and U.S. Energy Information Administration raised confidence that oil demand will improve in the second half of the year and help inventories draw down. “The outlook for strong fuel demand into the coming quarter and Saudi reassurance about the October hike being subject to prevailing conditions and added focus on quota breakers to bring production down and into line all seems to be supporting,” said Ole Hansen of Saxo Bank. Reassurances from OPEC+ that a plan to raise supplies from the fourth quarter of this year could be paused or reversed based on market conditions also helped prices firm. That plan, unveiled after the group’s meeting on June 2, had led to a sharp selloff in prices. WTI traded up $1.88 or 2.4% to close at $80.33. Brent traded up $1.63 or 2% to close at $84.25.