Brent crude futures were up 0.4%, or 32 cents, at $75.73 a barrel by 1320 GMT. U.S. West Texas Intermediate crude rose 0.5%, or 32 cents, to $70.96
Oil rose on Monday after top exporters Saudi Arabia and Russia announced supply cuts for August, overshadowing concern over a global economic slowdown and the potential for further increases to U.S. interest rates.
Russia, seeking to nudge up global oil prices in concert with Saudi Arabia, will reduce its oil exports by 500,000 bpd in August, Deputy Prime Minister Alexander Novak said on Monday, further tightening global supplies. Both Riyadh and Moscow have been trying to prop up prices. Brent has dropped from $113 a barrel a year ago, sent lower by concerns of an economic slowdown and ample supplies from major producers.
“Investors are turning upbeat as the second half of the year kicks off. They expect tighter oil balance and buoyant equities also suggest that recession will be avoided, albeit probably narrowly,” said PVM analyst Tamas Varga.
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