Brent crude traded little changed near US$81 a barrel in London, having gained roughly 10 per cent since late June. Prices have strengthened as Saudi Arabia and its partners in OPEC+ cut supplies. International Energy Agency Executive Director Fatih Birol said over the weekend that the market could return to a supply deficit.
Oil remains lower this year despite the recent run of gains and production cuts by the Organization of Petroleum Exporting Countries and its allies, including Russia. On the demand side, China's stalled recovery has been a persistent headwind for industrial commodities such as crude.
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