Oil prices rose to a multi-month peak Wednesday in the wake of Opec supply cuts while global stocks were mixed following disappointing China data. China slipped into deflation for the first time in more than two years in July, official data showed, as slowing domestic spending weighs on the post-Covid economic recovery. Despite the anemic China figures, crude oil prices vaulted higher with European benchmark Brent futures jumping 1.6 percent to $87.55 a barrel, its highest reading since January.

US benchmark West Texas Intermediate rose by a similar percentage to finish at its highest level since November 2022. Production limitations set by the Opec + exporters "are continuing to offset concerns over demand," said Fawad Razaqzada, market analyst at Forex.com.

News Link: Oil prices rise to multi-month highs