Brent hits five-month high on Abu Dhabi supply cuts, China data - Reuters:
Oil rose on Monday, with Brent touching the highest in five months, underpinned by a 30% cut in Abu Dhabi crude supplies and encouraging Chinese data even as global demand struggles to return to pre-COVID levels in a well supplied market.
Brent crude futures for November LCOc1 advanced to $46.38 a barrel earlier, the highest since March, and was fetching $46.27 by 0656 GMT, up 46 cents, or 1%. U.S. West Texas Intermediate crude CLc1 was at $43.25 a barrel, up 28 cents, or 0.7%.
Brent is set to close out August with a fifth successive monthly price rise while WTI is on track for a fourth monthly gain, having hit a five-month high of $43.78 a barrel on Aug. 26 when Hurricane Laura struck.
Abu Dhabi National Oil Company told its customers on Monday that it will reduce October supplies by 30%, up from a 5% cut in September, as directed by the United Arab Emirates government to meet its commitment on the recent OPEC+ agreement.
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