Oil on Track for Biggest Monthly Gains in Over a Year

Oil pours out of a spout from the original 1859 well that launched the modern petroleum industry at the Drake Well Museum and Park in Titusville, Pa., on Oct. 5, 2017. Brendan McDermid/Reuters

LONDON—Oil prices were set to post their biggest monthly gains in more than a year on Monday, on expectations that Saudi Arabia will extend voluntary output cuts into September and tighten global supply.

Brent crude futures crept 34 cents higher to $85.33 a barrel by 0957 GMT, while U.S. West Texas Intermediate crude rose 54 cents to $81.12 a barrel.