Oil prices up on expectations of decline in market supply

Global oil prices rose on Monday morning with quotes buoyed by expectations of a decline in supply amid a reduction in OPEC+ production.

Report informs citing trading data that oil prices are also supported by expectations of improved demand amid optimism around the Chinese economy, a major importer and consumer of this type of crude. On Monday, Chinese stock indices are rising, which is also positive for oil prices.

Investors also pay attention to statistics from the American oil service company Baker Hughes on the number of operating oil drilling rigs in the United States. During the week ending September 15, their number increased twofold up to 515 units.