WASHINGTON (dpa-AFX) - Oil futures settled higher on Monday, rising for a third straight session, as prices moved up amid tightening global crude supplies.
Prospects of higher demand, and a weak dollar contributed as well to the rise in oil prices.
West Texas Intermediate Crude oil futures for October ended higher by $0.71 or about 0.8% at $91.48 a barrel. the highest settlement this year.
Brent crude futures were up $0.47 or about 0.5% at $94.40 a barrel a little while ago.
With Saudi Arabia and Russia deciding earlier this month to extend their voluntary output cuts till the end of the year, oil prices have been climbing higher.
Recent economic data showing an uptick in industrial production in China has raised hopes about the demand outlook from the world's second largest economy.
Industrial production jumped 4.5% in August versus previous month's readings that stood at 3.7%. Markets had expected a spike to 3.9%. Likewise retail sales in August jumped to 4.6%, from previous reading of 2.5% and expectations of 3%.
The stimulus measures already announced by the Chinese govt as well as expectations of more to come abetted the positive demand outlook for crude oil.
Last week, the Organization of the Petroleum Exporting Countries (OPEC) issued updated forecasts of solid demand and pointed to a potential 2023 supply deficit if production cuts persist.
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