Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around the $85.20 mark so far on Monday. The falling crude oil inventories an
d the expectations of oil production cut by Saudi Arabia and OPEC+ boost WTI prices near the Year-To-Date high of $85.52. prices are also supported by a substantial drop in US crude oil stocks. The Energy Information Administration reported last week that crude oil stockpiles fell by 10.584 million barrels in the week ending August 25, above expectations of a -3.267 million barrel decrease.
Furthermore, according to Reuters, Russia's Deputy Prime Minister Alexander Novak said that the nation agreed with OPEC+ to limit oil output and would unveil the new parameters later this week. Nonetheless, Russia is expected to cut its oil exports by 500,000 barrels per day in August and 300,000 barrels per day in September. While Saudi Arabia is anticipated to prolong its voluntary oil cut of 1 million barrels per day into October for the third month in a row.
Moving on, oil traders await the Chinese Caixin Services PMI for August and the US ISM Services PMI due on Tuesday and Wednesday, respectively. Also, traders will take cues from the EIA Crude Oil Stocks Change data for the week ending September 1 due on Wednesday. These events could significantly impact the USD-denominated WTI price. Oil traders will take cues from the data and find trading opportunities around the WTI price.
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