Brent crude futures for November crept 23 cents higher to $88.78 a barrel by 1407 GMT. U.S. West Texas Intermediate crude (WTI) October futures rose 22 cents to $85.77
On Monday Vitol CEO Russell Hardy said he expected the global crude market to ease in the next six to eight weeks because of refinery maintenance, but supplies to refineries in India, Kuwait, Jizan , Oman and China of sour crude, with higher sulphur content, should remain tight given the OPEC+ cuts.
U.S. August jobs data, meanwhile, has strengthened expectations that the Federal Reserve will pause its increases to interest rates this month. In China, manufacturing activity expanded unexpectedly in August and a series of economic measures to support the country’s post-pandemic recovery have ignited optimism that demand will pick up in the world’s largest oil importer.
“President Xi has been about his usual bold and broad announcements of not very much, but the market does appear to have a more receptive and less cynical ear this morning,” said John Evans at oil broker PVM. “His promises of support for the services sector and relaxing of cross-border trade restrictions find sympathy from a market that has fewer drivers with the absence of U.S. participants.”
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