Oil inches higher on supply concerns, China demand recovery

By Florence Tan

SINGAPORE (Reuters) – Oil prices inched higher on Monday, buoyed by forecasts of a widening supply deficit in the fourth quarter after Saudi Arabia and Russia extended cuts and on optimism of a demand recovery in China, the world’s top crude importer.

Brent crude futures rose 5 cents, or 0.1%, to $93.98 a barrel by 0027 GMT while U.S. West Texas Intermediate crude was at $90.92 a barrel, up 15 cents, or 0.2%.

“China’s stimulus policy, resilient U.S. economic data, and OPEC+’s…