Oil prices rose slightly on Monday, with Brent and WTI crude up about 0.3% at $82.06/barrel and $78.89/barrel, respectively, according to Jinshi Data. A weaker dollar, expectations that the Federal Reserve will soon begin cutting interest rates, and China's decision to cut key interest rates all supported oil prices.
ANZ Bank research report pointed out that inflation and labor market rebalancing are in place, and the Federal Reserve is expected to start a rate cut cycle in September. In addition, the Canadian wildfires pose a threat to oil production of about 400,000 barrels per day, which also supports oil prices.