Oil prices edged higher on Monday, supported by expectations that major producers will keep supplies tight, and growing hopes that the Federal Reserve will leave interest unchanged to avoid dampening the U.S. economy.
Brent crude November futures was up 3 cents at $88.58 a barrel at 0333 GMT. U.S. West Texas Intermediate crude October futures rose 9 cents to $85.64 a barrel.
"Crude oil prices have been primarily driven by the anticipation of additional supply cuts from major oil-producing nations, Russia and Saudi Arabia," said Sugandha Sachdeva, executive vice president and chief strategist at Acme Investment Advisors. Russia has already said it will cut exports by 300,000 barrels per day in September, following a 500,000 bpd cut in August. Saudi Arabia is alsoSpeaking at the APPEC conference in Singapore on Monday,
"Because of the OPEC+ cuts, there's not sufficient supply for all these complex refineries in India, Kuwait, Jizan, Oman and China," Hardy said.
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