Oil extended an upswing as OPEC+ supply cuts tightened the market, with Saudi Energy Minister Prince Abdulaziz bin Salman due to address a conference on the kingdom’s crude policy and view on net zero.
Global benchmark Brent advanced toward $95 a barrel after a three-week run of gains that boosted prices by 11%. With Saudi Arabia and Russia prolonging supply curbs to the year-end, Prince Abdulaziz is set to be among keynote speakers at the World Petroleum Congress in Calgary later on Monday.
Crude in London is nearly 10% higher year-to-date as the OPEC+ linchpins curb production and the demand outlook brightens, with the US potentially avoiding recession just as refiners in China go all-out. Against that backdrop, crude stockpiles have dropped, while speculators boosted net-bullish wagers on Brent and US benchmark West Texas Intermediate to a combined 15-month high.
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