# Oil prices rise on supply picture, weak Chinese data weighs - Markets - Business Recorder

> Oil prices rose on August 31 after a larger-than-expected U.S. crude inventory draw of 10.6 million barrels and expected Saudi extension of its 1 million bpd voluntary cut into October. Gains were capped by a Chinese factory PMI that remained in contraction.

- Date: 2023-08-31 · published 2023-08-31T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/34756-oil-prices-rise-on-supply-picture-weak-chinese-data-weighs-markets-business
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Tighter U.S. stocks and OPEC+ restraint support crude prices, while weak Chinese manufacturing limits demand growth and caps the rally.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- brecorder.com: https://www.brecorder.com/news/40260778

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.