"Oil traders may be cautious ahead of the U.S. CPI and China's slew of economic data later this week," CMC Markets analyst Tina Teng said.Both benchmarks gained more than 4% last week to touch their highest marks since May, rising for a second straight week after the world's biggest oil exporters Saudi Arabia and Russia pledged to deepenSaudi Arabia will extend its 1 million barrels per day, or bpd, output cut into August and Russia will cut crude exports by 500,000 bpd.
, Russia will be using the crude to produce more fuel to meet domestic demand, a government source told Reuters on Friday.off the Egyptian Red Sea port of Ain Sukhna, is down by almost half to 10.5 million barrels from mid-June, according to data from oil analytics firm Vortexa as of July 7. Non-OPEC+ supply has been keeping up with global demand, JP Morgan analysts said in a note, adding that OPEC+ needs to deepen its cuts by another 700,000 bpd in the second half of the year on top of announced reductions and extend them into 2024.