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November Brent crude futures rose 67 cents, or 0.7%, to $91.31 a
barrel at 0949 GMT, while U.S. West Texas Intermediate crude
futures for October firmed by 76 cents, or 0.9%, to $88.05.
Brent breached $90 a barrel last week for the first time in 10
months after Saudi Arabia and Russia announced they would extend
voluntary supply cuts of a combined 1.3 million barrels per day
(bpd) until the end of the year.
"There is little doubt that the oil industry feels a collective
rally risk with a perception of, and actual tightening in parts
of oil flow," PVM Oil analyst John Evans said.
The Organization of the Petroleum Exporting Countries (OPEC)
will release it's monthly oil market report later today,
followed by a report by the International Energy Agency on
Wednesday. Both reports include widely used forecasts on the
outlook of oil market supply and demand fundamentals.
In Libya, a deadly storm led the OPEC member to shut four of its
eastern oil export terminals on Saturday.
Meanwhile, August U.S. consumer price index data, due for
release on Wednesday, is expected to give some hints on the
direction of interest rates from the world's biggest oil
consumer the United States.
The Federal Reserve is widely expected to leave interest rates
unchanged at a policy meeting next week, though views are split
over whether the Fed will hike or pause again in November.
The European Central Bank will announce its interest rate
decision on Thursday. The European Commission on Monday forecast
the euro zone to grow more slowly than previously expected in
2023 and 2024.
Investors also awaited industry data on U.S. crude stocks due at
2030 GMT on Tuesday. Crude inventories were expected to have
fallen by about 2 million barrels in the week to Sept. 8, a
preliminary Reuters poll showed on Monday. [EIA/S]
(Additional reporting by Jeslyn Lerh in SingaporeEditing by
Emelia Sithole-Matarise)
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