Oil increased on Monday, assisted by an improvement in Chinese factory data and increasing demand in energy as countries soothed coronavirus-related lockdowns, but traders remained careful due to tensions between China-US and the unreliability over a US stimulus package.
Brent Crude increased 1.2%, to $44.94 a barrel by 0852 GMT, while West Texas Intermediate (WTI) was up 1.7%, to $41.91 a barrel. Chief Executive Amin Nasser of Saudi Arabian Aramco stated on Sunday that he foresees oil demand in Asia rebounding as economies gradually rise.
On Friday, Iraq stated that it would reduce its oil output by a further 400,000 barrels a day in August and September to make up for its over exceeded production in the past three month. This move would assist it into complying with its share of cuts by the organization of the Petroleum Exporting Countries and allies, known as OPEC+.