09:09 AM EDT, 05/10/2024 (MT Newswires) -- Oil rose for a third-straight session on Friday on signs of improving demand from China and expectations OPEC+ will keep supplies tight by extending voluntary production cuts into the third quarter.

West Texas Intermediate crude oil for June delivery was last seen up US$0.36 to US$79.62 per barrel, while July Brent crude, the global benchmark, was up US$0.29 to US$84.17.

The rise comes as China, the No.1 oil importer, on Thursday released bullish economic data, showing imports and exports rose by 1.5% in the first quarter, though much of the growth came in the first two months of the period and slowed in March, according to a Reuters report.

OPEC+ will stage a ministerial meeting on June 1 to decide whether to extend into the summer 2.2-million barrels per day of voluntary production cuts that are set to expire at the end of the quarter. An extension would squeeze inventories and keep prices high during the high-demand summer season.

"While "rollover everything" is becoming the consensus assumption for the June 1st Ministerial Meeting, with such a significant fraction being voluntary adjustments, the door remains open for another plot twist. However, barring a serious breakthrough in

US-Saudi negotiations, we do not see a rush to return barrels unless there is a major change in market dynamics ," Helima Croft, Head of Global Commodity Strategy and MENA Research at RBC Capital Markets, said in a note.

Geopolitical risk continues to support prices, though Israel's war on Hamas has yet to affect production or exports from Persian Gulf countries. Israel continues to face pressure to refrain from plans to attack the crowded city of Rafah in southern Gaza, with the US this week pausing shipments of some bomb types and artillery in a bid to prevent further civilian casualties. However Israeli prime minister Benjamin Netanyahu said the offensive will continue, according to a Guardian report.