Saudi Arabia expected to extend oil cuts into Sept analysts
Exxon CEO sees record oil demand this year and next

July 31 Reuters Oil prices edged lower on Monday, but were hovering near threemonth highs and were set to post their biggest monthly gains in more than a year on expectations that Saudi Arabia would extend voluntary output cuts into September and tighten global supply.

Brent crude futures were down 30 cents to 84.69 a barrel by 0632 GMT, while U.S. West Texas Intermediate crude was at 80.36 a barrel, down 22 cents.

The September Brent contract will expire on Monday. The more active October contract was at 84.16 a barrel, down 25 cents.

Brent and WTI settled on Friday at their highest levels since April, gaining for a fifth straight week, as tightening oil supplies globally and expectations of an end to U.S. interest rate hikes supported prices.

Both are on track to close July with their biggest monthly gains since January 2022.

While it seems that crude may have priced in all the good news on U.S. inflation and economic resiliency for the time being, it may continue inching higher still, said Vandana Hari, founder of oil market analysis provider Vanda Insights.

Most of the strong buying activity has been occurring during the U.S. trading hours; action during the Asian session remains relatively slow and a poor indicator of sentiment, Hari added.

Meanwhile, Saudi Arabia is expected to extend a voluntary oil output cut of 1 million barrels per day bpd…