Oil Prices Rise on Expectations of OPEC+ Supply Cuts

Oil prices are on the rise, heading for a solid quarterly gain amid expectations that OPEC+ supply cuts will tighten the global market. West Texas Intermediate futures have increased to trade near $83 a barrel following a modest two-day drop, while Brent crude is above $87. The US crude benchmark has experienced a 15% rise this year, with significant timespreads transitioning from contango to the opposite backwardated structure during this period.