WTI crude futures rose to around $80 per barrel on Monday, gaining for the third straight 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. Declining oil inventories and supply cuts from OPEC+ member countries also kept the market supported. Meanwhile, the prospect of easing sanctions on Iran and Venezuela raised hopes that additional crude supplies could hit the market. Investors also cautiously awaited manufacturing PMI figures for major economies amid lingering concerns about a global economic slowdown. Moreover, Federal Reserve Chair Jerome Powell said that inflation remains “too high” and that the central bank is “prepared to raise rates further if appropriate.”
