Saudi Arabian production cuts and optimism about the Chinese economy’s recovery have led to a third weekly increase in oil prices.

Brent futures rose 8 cents to $93.78, while WTI rose 14 cents to $90.3.

The increase is driven by supply fears and the slow recovery of the US and European Central Banks.

Oil refinery processing surged by nearly a fifth from a year earlier, and borrowing costs are improving.

Wall Street is favoring oil betting, with OPEC+ decisions likely to tighten the oil market in the fourth quarter.