WTI crude futures rose above $80 per barrel on Monday, extending gains for the third session as risk sentiment improved, though investors remain cautious about the prospect of higher global oil supply and weaker demand. In the latest move to boost its economy and markets, China halved stamp duty on stock trading effective today, spurring a rally in Chinese stocks and other risk assets. Also, Tropical Storm Idalia is expected to hit the northwest coast of Florida as a major hurricane on Wednesday, according to the U.S. National Hurricane Center. Declining oil inventories and supply cuts from OPEC+ member countries also kept the market supported. On the other hand, the prospect of easing sanctions on Iran and Venezuela raised hopes that additional crude supplies could hit the market.
