The Organization of Petroleum Exporting Countries (OPEC) released its Monthly Oil Market report in June 2016, highlighting the consecutive gains in oil prices over the last four months. The market was generally prepared for scheduled maintenance outages, however, the supply disruptions saw oil supply and demand expectations tighten earlier than expected by OPEC, Daily FX informed.

Despite the recent outages and events, the oil market continues to be in a state of oversupply. According to Nasdaq, OPEC’s personal world growth forecast is currently at 3.1% compared to the previous year’s forecast of 2.9%.

Meanwhile, OPEC’s Reference Basket (ORB), an index of world oil prices, increased by $5.35 from May and eclipsed for the first time since October 2015.

While the agency sees prolonged stagnation in Brazil and  Russia, there’s continued growth in India and China. In the US, the report cited fewer additions to US storage capacity compared to previous years as an additional support for energy prices in the country.