Oil prices edge up on global stimulus support despite ample supplies


By Florence Tan SINGAPORE (Reuters) - Oil prices nudged up on Monday, with Brent futures set to post a fifth straight monthly gain, as global stimulus measures underpin prices even as demand struggles to return to pre-COVID levels in a well supplied market. Brent crude futures for November climbed 27 cents, or 0.6%, to $46.08 a barrel by 0038 GMT, while U.S.

West Texas Intermediate crude was at $43.11 a barrel, up 14 cents, or 0.3%. Brent is set to close out August with a fifth successive monthly price rise, having peaked at $46.23.

This article is no longer available in our repository.

There could be multiple reasons for this.