Brent hits five-month high on Abu Dhabi supply cuts, China data
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 advanced to $46.50 a barrel by 1143 GMT up 60 cents, or 1.3%. U.S. West Texas Intermediate crude was at $43.48 a barrel, up 51 cents, or 1.2%.
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.
