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Oil Prices Head for Biggest Monthly Climb In Over a Year - The Wall Street Journal

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Oil Prices Head for Biggest Monthly Climb In Over a Year

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Crude prices are on track for their biggest one-month advance since January last year, as traders brace for cuts by Saudi Arabia and Russia to tighten supplies.

Brent crude futures, the global oil benchmark, have risen 13% in July to about $85 a barrel. The rally has snapped oil out of a monthslong funk caused by concern about the health of the world economy and a surge in exports from sanctioned producers.

Riyadh and Moscow stepped in to boost prices at the start of July, announcing plans to restrict oil supplies through August. The cuts added to a previous reduction by Saudi Arabia, which is due to run until December.

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