Oil rose alongside stocks as lackluster summer trading left the commodity trailing broader markets.
Aggregate open interest in West Texas Intermediate crude is down about 16% from its peak in early June. Risk-on sentiment in the markets pushed oil higher, although a mixed demand outlook and the prospect of more supply from Iran and Venezuela dented investor conviction.
Oil’s recovery has faltered in recent weeks as a deteriorating demand outlook in China, the world’s biggest oil importer, remains a lingering concern for traders. The stumble comes despite efforts by OPEC+, the producer group led by Saudi Arabia and Russia, to bolster prices by curbing supply. At the same time, US talks with Iran and Venezuela have fueled speculation that both nations will increase crude exports.
Prices:
- WTI for October delivery rose 27 cents to settle at $80.10 a barrel.
- Brent for October settlement fell 6 cents to settle at $84.42 a barrel.
