Brent hits 5-month high as Abu Dhabi cuts crude supply by 30%
Oil rose on Monday, with Brent touching the highest in five months, underpinned by a 30 percent 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 advanced to $46.38 a barrel earlier, the highest since March, and was fetching $46.27 by 0656 GMT, up 46 cents, or 1 percent. US West Texas Intermediate crude was at $43.25 a barrel, up 28 cents, or 0.7 percent.
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.
