Oil has seen its greatest monthly rise since early 2022, with West Texas Intermediate remained below $82.

Demand outpaces supply, driving prices to a three-month high.

US inflation is dropping, raising hopes for a recession.

Crude’s 14-day relative-strength index has surged to near 70, suggesting the market may be overbought and correct.

The OPEC+ Joint Ministerial Monitoring Committee will conduct an online market review on Friday to assess Saudi Arabia and Russia’s cutbacks.

The year-to-date high will determine if prices can break out of their medium-term range.