Oil prices were set to post their biggest monthly gains in more than a year on Monday, on expectations that Saudi Arabia will extend voluntary output cuts into September and tighten global supply.
More actively traded October Brent crude futures rose 73 cents, or 0.9%, to $85.14 a barrel by 11:32 a.m. EDT (1532 GMT). The September Brent contract , which will expire at settlement on Monday, was trading 0.6% higher at $85.52 a barrel.
U.S. West Texas Intermediate crude futures rose 85 cents, or 1.1%, to $81.43 a barrel.
Brent and WTI settled on Friday at their highest levels since April, gaining for a fifth straight week. 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. Saudi's output curtailment and production outages in Nigeria lowered output from the Organization of Petroleum Exporting Countries (OPEC), a Reuters survey found on Monday.
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