Oil rises for third straight month, Brent near $87

Oil drilling rigs

Oil prices rose on Thursday, maintaining their third straight month gain, as investors are evaluating output increase by OPEC and non-OPEC members.

The US crude oil production rose 1.6% month-on-month in June to 12.84 million barrels per day (bpd), its highest since February 2020, before the COVID-19 pandemic destroyed demand for fuel and other oil products, according to the Energy Information Administration data.

OPEC oil output rose by 220,000 bpd in August to reach 27.56 million bpd, the first increase since February, fueled by the increase of Iranian supply that reached its highest level since 2018.

Brent crude for November delivery increased by 1.85%, or $1.59, to close at $86.83 a barrel. Meanwhile, WTI contracts for October delivery rose 2.45%, or $2, to $83.63 a barrel.