This Is Why Oil Prices Rise To The Highest Level In 3 Months!

<p>&nbsp;Trading in the black commodity gained momentum this week, with prices surging to three-month highs.</p><p><br /></p><p>In the European session, Brent crude oil futures traded at $83 a barrel, while US WTI oil traded firm at $80 a barrel.</p><p><br /></p><p>Oil prices have risen more than 10% so far this month following voluntary production cuts by Saudi Arabia and Russia that are expected to tighten oil supplies.</p><p><br /></p><p>In addition, OPEC+ also showed willingness to take further actions to support the oil market.</p><p><br /></p><p><br /></p><p>Market sentiment this week was positive for crude oil, where on Tuesday, China announced it would increase policy support in its economic recovery.</p><p><br /></p><p>It has boosted the outlook for crude oil demand from one of the world's major oil consumers.</p><p><br /></p><p>Further, oil prices were supported by the US economy which unexpectedly grew stronger in the second quarter.</p><p><br /></p><p>US gross domestic product (GDP) rose by 2.4% in the second quarter year-on-year from 2.0% recorded in the previous quarter, and exceeded expectations for 1.8% growth.</p>