Oil resumes rally as equities gain and U.S. inventories decline - BNN Bloomberg

West Texas Intermediate traded above US$79 a barrel, rising for the fifth time in six sessions. There's growing speculation the Fed is nearing the end of its monetary tightening cycle, after it raised interest rates on Wednesday for the 11th time since March 2022.

Oil has broadly rallied since late June, aided by supply cuts from the Organization of Petroleum Exporting Countries and its allies, and signs that Russian seaborne crude exports are falling. Saudi Arabia is expected to extend its one million barrel a day oil supply cut into September as it seeks to foster a tentative recovery in prices, according to a Bloomberg survey. With Russia also curbing output, banks including Standard Chartered Plc anticipate a deepening shortfall in the coming months.

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Oil holds near three-month high on China hopes, tighter supply - BNN Bloomberg​Oil steadied after climbing to a three-month high as China signaled further measures to bolster economic growth and global crude markets continued to tighten.
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