Tight global supply leads to rising oil prices

Despite the grim situation in the United States and other countries, oil prices rose on Monday, supported by tight supply and a series of data expected to show a global economic recovery.

Brent crude rose 73 cents, or 1.7%, to $43.53 a barrel at 08:08 GMT. West Texas Intermediate rose 28 cents, or 0.7%, to $40.93 a barrel.

Sentiment was also optimistic as investors expected a range of economic data to improve. OPEC production has fallen to its lowest level in decades, and the implied volatility of Brent crude lcoatmiv has fallen to its lowest level since the price began to plummet in March.

OPEC and other oil producing countries, including Russia, have agreed to cut production by 9.7 million B / D in July (the third consecutive month).

Saudi Aramco raised the official price of Arab light crude oil for August. U.S. oil production is also declining, with the number of oil and gas rigs operating in the United States falling for the ninth consecutive week, but the decline has slowed as higher oil prices prompt some producers to resume drilling.