Oil rises on China, US economic data and OPEC+ cut expectations
Channel NewsAsia 2023-09-04 00:48:13 • 2 mins
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BEIJING : Oil prices ticked up in Asian morning trade on Monday, as market sentiment was buoyed by positive China and U.S. economic data, as well as expectations of ongoing crude supply cuts from major producers.
Brent crude was up 17 cents, or 0.2 per cent, at $88.72 a barrel at 0015 GMT. U.S. West Texas Intermediate crude (WTI) rose 25 cents, roughly 0.3 per cent, to $85.80.
The sustained upward price movement comes after both contracts settled at their highest levels in more than half a year last week, breaking a two-week losing streak.
