Oil holds above $80/bbl on OPEC+ cuts, traders eye China recovery
Oil prices edged up on Monday, supported by OPEC+’s plans to cut more output, while investors eyed Chinese economic data for signs of a demand recovery by the world’s No. 2 oil consumer.
Brent crude futures nudged 17 cents higher to $86.48 a barrel by 0144 GMT, while US West Texas Intermediate crude was at $82.66 a barrel, up 14 cents.
Both contracts notched their fourth weekly gains last week after the International Energy Agency (IEA) forecast record demand in 2023 of 101.9 million barrels per day (bpd), up 2 million bpd on last year.
