MTECHTIPS;-Oil prices rise for seventh day in a row; WTI stays above

MTECHTIPS;-Oil prices rise for seventh day in a row; WTI stays above $50

MTECHTIPS-Oil prices continued higher in European trade on Tuesday, extending gains into a seventh session as investors continued to cheer signs that the global market was starting to re balance. The U.S. West Texas Intermediate crude September contract was at $50.27 a barrel by 3:05 AM ET (0705 GMT), up 10 cents, or around 0.2%. It touched its highest since May 25 at $50.41 in the prior session. Elsewhere, Brent oil for October delivery on the ICE Futures Exchange in London tacked on 5 cents to $52.77 a barrel, after climbing to a more than two-month high of $52.90 a day earlier. Oil prices finished higher for the sixth session in a row on Monday, closing out July with the biggest monthly percentage gain since April 2016. The U.S. benchmark advanced around 9% last month, while Brent notched a monthly gain of roughly 10%. Sentiment has been boosted amid fresh pledges from Saudi Arabia and Nigeria to respectively pull back on exports and output Prices got an additional lift from declining U.S. oil inventories and signs of a possible slowdown in U.S. shale production.

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