Oil is experiencing its highest monthly rise in nearly a year due to tightening market signals and record high demand.

West Texas Intermediate maintained above $80 a barrel, with the US crude benchmark gaining 14% this month.

Goldman Sachs analysts reaffirmed a December Brent price of $86, stating that the market no longer fears growth.

Expectations that the Federal Reserve is nearing monetary tightening also boost mood. Saudi Arabia and Russia have cut supplies, improving crude’s outlook.

Chinese manufacturing fell for a fourth month, while non-manufacturing expanded slower than predicted. Energy speculators increased optimistic bets, with WTI and Brent net long positions at a three-month high.