Oil market continued to rally on intensifying supply concerns.

International benchmarks for crude oil continued its journey north to a new three-month high on Monday, 31 July 2023 and recorded impressive monthly gains last seen back in January 2022 propelled by squeezing global supply and a healthier demand outlook projected for the rest of the year. 

Saudi Arabia is anticipated to expand their voluntary output cuts by 1 million barrels per day (bpd) to include September. The nation’s output dropped by 860,000 bpd in July while a Reuters survey showed overall production from OPEC fell 840,000 bpd from June. 

Brent crude settled the session at 57 cents or 0.7% higher at $85.56/barrel.

US West Texas Intermediate concluded $1.22 or 1.5% higher at $81.80/barrel.