Oil steadied after hitting the highest level since November on expectations that supply cuts by OPEC+ leaders will tighten the market.
West Texas Intermediate was little changed above $85 a barrel after an initial surge as the week’s trading kicked off. Underlying metrics, including WTI’s prompt spread, have widened markedly in recent days, suggesting tighter conditions after benchmark US futures jumped by more than 7% last week.
Russia has announced that it will extend export curbs, with more details of the reductions to be released in the coming days. Saudi Arabia — which along with Moscow sets the tone at the OPEC+ alliance — is widely expected by traders to follow suit by pushing its voluntary curbs into October.
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