Oil rises amid expectations of OPEC+ supply cuts

Oil prices rose on Monday, supported by expectations that major producers will maintain the restrictions they impose on supplies, as well as growing hopes that the Federal Reserve (the US central bank) will leave interest rates unchanged to avoid an economic slowdown.

Brent crude futures for November delivery rose three cents by 0333 GMT to $88.58 a barrel, while US West Texas Intermediate crude futures for October delivery rose nine cents to $85.64 a barrel.

The slight increase in Asian trading comes after the two contracts ended last week at their highest levels in more than half a year, after declining in the previous two weeks.

Russian Deputy Prime Minister Alexander Novak said on Thursday that Russia had agreed with partners in the Organization of the Petroleum Exporting Countries (OPEC) on criteria to continue reducing exports. An official announcement detailing the planned cuts is expected to be issued this week.

Russia has already announced that it will reduce its exports by 300,000 barrels per day in September, after a reduction of 500,000 barrels per day in August. Saudi Arabia is also expected to extend a voluntary reduction of one million barrels per day until October.

Job growth gained momentum in the United States in August, but the unemployment rate rose to 3.8 percent and wage increases slowed, reflecting declining labor market strength and strengthening expectations that the Federal Reserve will not raise interest rates this month.