Oil pumpjacks stand at the Qingdong-5 offshore oil production platform, an artificial island, of Sinopec Shengli Oilfield on January 16, 2023 in Dongying, Shandong Province of China. Oil prices ticked up in Asian morning trade on Monday, as market sentiment was buoyed by positive China and U.S. economic data, as well as expectations of ongoing crude supply cuts from major producers. In the U.S., employment data was higher than expected on Friday, with nonfarm payrolls increasing by 187,000 jobs last month. Russia has already said it will cut exports by 300,000 barrels per day, or bpd in September, following a 500,000 bpd cut in August. Saudi Arabia is also expected to roll over a voluntary 1 million bpd cut into October.

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Persons: Brent, nonfarm, Alexander Novak's Organizations: . West Texas, Beijing, Federal Reserve, Organization of, Petroleum Locations: Dongying, Shandong Province, China, U.S, Russia, Saudi Arabia