News Oil Updates – crude rises as investors bet on tighter supply, China’s economy

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SINGAPORE: Oil prices rose on Monday, adding to recent gains amid expectations of tighter supply from OPEC+ cuts, attacks on Russian refineries and as upbeat Chinese manufacturing data supported outlooks for improving demand, according to Reuters.

Brent crude rose 24 cents, or 0.3 percent, to $87.24 a barrel by 9:49 a.m. Saudi time after rising 2.4 percent last week. US West Texas Intermediate crude was at $83.45 a barrel, up 28 cents, or 0.3 percent, following a 3.2 percent gain last week.

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