Oil Prices Steady Near Two-Week High Amid OPEC+ Supply Cuts

Oil prices have steadied near their two-week high after a sharp rally that exceeded 5% in the previous session. Benchmark Brent crude futures settled at $87.81 per barrel, while U.S. West Texas Intermediate held steady at $82.20 per barrel.

The stabilization followed a powerful surge on Monday when both benchmark crudes jumped more than 5% to reach their highest levels since July 31. The upward momentum reflects market reaction to a combination of geopolitical and economic factors, including expectations that supply cuts from the OPEC+ alliance will continue, alongside indications of resilient demand in major economies.

Investors are closely monitoring upcoming economic data from the United States and China, seeking clearer signals on the demand trajectory for the second half of the year. The recent price movements come after a week of notable declines in the markets, where concerns over slowing global growth weighed on sentiment.