Oil gains more than 2% on trading optimism

Oil prices rose today as OPEC producers almost fully complied with the global production cut agreement in July and also after US officials said that China was committed to the first phase of a trade agreement between the two largest economies in the world.

Two OPEC sources said that oil production cuts in OPEC are expected to be adhered to by about 97 percent in July, and US President Donald Trump has said that China is fulfilling its end to the trade agreement the two sides signed in January.

Brent crude futures, the global benchmark for October delivery, rose 1.3% to $ 45.87 a barrel, and US West Texas Intermediate crude oil futures for September delivery rose 2.1% to $ 42.41 a barrel.