Oil rose amid indications that Russian crude production is dropping, signaling the market's supply glut may be coming to an end. 

Average shipments for Russian crude have dropped below their February averages, according to fresh data, a key development in a market that has been held down this year by the Kremlin's stronger-than-anticipated crude exports.

Adding to bullish sentiment is news that China will take more steps to revive its economy with additional stimulus. West Texas Intermediate rose above $74 a barrel, surpassing its 100-day moving average, which has been a key resistance level in past months. Crude's recent moves have been exaggerated by lower summer trading volumes.

Still, crude is down 6.7% this year on China's weakness, fears of a global economic slowdown due to monetary tightening by central banks and resilient supply from producers including Russia and Iran. In a recent effort to prop up the market, OPEC+ heavyweights Saudi Arabia and Russia have pledged even more supply reductions. 

WTI for August delivery rose $1.84 to settle at $74.83 a barrel.

Brent for September settlement increased $1.71 to $79.40 a barrel.

Source : Bloomberg