WTI crude futures fell to $82 per barrel on Monday, hovering close to their four-month high following six weeks of consecutive gains, with investors cashing in some profits while evaluating the balance between supply and demand. Last week, Saudi Arabia announced a further one-month extension of its 1 million barrels per day production cut. Additionally, Russia revealed plans to trim oil exports by 300,000 bpd in September. Unexpectedly, Saudi Arabia hinted at the potential for extending or deepening production cuts beyond September, surprising the markets. On the demand side, China’s pro-growth stimulus actions and an improved economic outlook in the United States provided added momentum to crude prices.
