In China, manufacturing activity expanded unexpectedly in August and a series of economic measures to support the country s post-pandemic recovery have ignited optimism that demand will pick up in the world s largest oil importer.
Major benchmarks rose slightly in early Asian trade, with the U.S. West Texas Intermediate crude (WTI) up 7 cents, or 0.1%, at $83.70 a barrel, while Brent crude was also up 7 cents at $86.90/bbl as of 0107 GMT.
Brent and WTI settled on Friday at their highest levels since April, gaining for a fifth straight week, as tightening oil supplies globally and expectations of an end to U.S. interest rate hikes supported prices. Both are on track to close July with their biggest monthly gains since January 2022. Saudi Arabia is expected to extend a voluntary oil output cut of 1 million barrels per day (bpd) for another month to include September, analysts said.
with information obtained by hacking his phone or other illegal means. some bad news for drivers. the energy department is predicting that oil and gas prices will rise next year because of saudi arabia s decision to slash oil production and an agreement to extend its output cuts. the department boost ed its forecast for oil prices by 14.5% for the third quarter of 2024 and now it expects gas prices to average $3.38 a gallon. that s up by 7.3%. so this morning, we are getting new reaction from golfers following the shocking announcement that the pga tour and the saudi-backed liv golf tour will merge. we re hearing from the likes of mega stars including rory mcilroy, who have been severely critical of liv throughout the year. liv golf is bankroll ed by saud