As Trading Economics writes, WTI oil rose above $85 per barrel amid expectations that the leaders of the OPEC+ countries will continue to cut oil production. The Deputy Prime Minister of the Russian Federation, Oleksandr Novak, said that Russia agreed with the OPEC partners on the parameters of the further reduction of exports. Saudi Arabia is also expected to extend its voluntary output cut of one million barrels per day into October.
A surprise rise in manufacturing activity in China, reported by a private survey, fueled optimism about the economic health of the world’s largest oil importer. Signs that the US economy may be cooling also boosted bets that the Federal Reserve will not raise rates again, increasing overall market sentiment.