Oil is on course for its best month since Russia invaded Ukraine as recession fears die down and Saudi Arabia cuts supply

• Benchmark oil prices are up 16% in July, putting the commodity on pace for its best month since January 2022.
• Optimism around global growth has helped fuel the rally.
• Supply cuts by OPEC+ leaders Saudi Arabia and Russia have also squeezed crude prices higher.

Oil is on course to post its best month since war broke out in Ukraine, thanks to a stronger narrative surrounding global demand and supply cuts by key producers Saudi Arabia and Russia.