Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around the $90.20 mark so far on Monday. WTI prices trade close to a 10-month
high due to a tight oil supply by Saudi Arabia and the optimism from the upbeat Chinese economic data.
Supply worries have remained a driving factor for WTI prices and boost WTI prices in recent weeks. That said, Saudi Arabia and Russia, the world's two largest oil exporters, announced that they would prolong oil output curbs until the end of 2023. Through the end of 2023, Saudi oil output will be closer to 1.3 million barrels per day.
Furthermore, the additional stimulus measure and the upbeat economic data from China lift the WTI prices as China is the world's largest oil importer. On Friday, the National Bureau of Statistics showed that Chinese retail sales rose 4.6% year on year in August, beating market estimates of 2.5%. Meanwhile, industrial production in the United States grew to 4.5% in August from 3.7% in July, above market estimates of 3.9%.
Moving on, oil traders will closely watch the Federal Reserve Interest Rate Decision on Wednesday. The market expects the Federal Reserve to maintain interest
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