• West Texas Intermediate climbed for an eighth straight session, an advance that includes last week’s gain of more than 7%. Underlying metrics, including the US benchmark’s prompt spread, have widened markedly in recent days.
• Russia announced last week that it will extend export curbs, with more details to be released in the coming days. Saudi Arabia, which along with Moscow sets the tone at the OPEC+ alliance, is expected to follow suit by pushing its voluntary curbs into October.
• Oil’s fortunes have improved this quarter following a lackluster first half as the supply reductions show signs of rebalancing the market, with US stockpiles slumping. Additional support for crude has come from speculation that the US Federal Reserve may be close to finishing its hiking campaign, as well as signs China’s efforts to bolster growth may be starting to gain traction.