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 U.S. 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. However, the IEA warned in its monthly report that the output cuts announced by OPEC+ producers risk exacerbating an oil supply deficit expected in the second half of the year and could hurt consumers and a global economic recovery.
Meanwhile, gold prices witnessed decline whereas copper was trading firm.
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Read web story: https://www.cnbctv18.com/market/oil-holds-above-80-a-barrel-on-opec-cuts-traders-eye-china-recovery-16413621.htm
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