Oil rose for a third day as signs the physical market is tightening and a stall in the dollar’s rally offset growing demand risks in China and the US. Global benchmark Brent traded above $85 a barrel, and is up more than 2% since last Wednesday’s close. Supply curbs from OPEC+ linchpins Russia and Saudi Arabia have driven a rally since late June, while US crude stockpiles have shrunk to the least since January.
” Economic malaise in China — ranging from downbeat consumers to struggling exports — and stubbornly persistent inflation risks in the US saw oil fall last week. Chinese banks made a smaller-than-expected cut to their benchmark lending rate Monday and avoided trimming the reference rate for mortgages, despite the central bank putting pressure on lenders to boost loans.