Despite worrisome economic data from China suggesting disruptions on the road to recovery, crude oil prices held their gains.

Prices rose more than 6% on Monday following OPEC+'s surprise announcement of a 1.16 million bpd output cut by nine members on Monday.

Saudi Arabia will cut production by 500,000 bpd, Riyadh said. And Russia will extend production cuts by the same amount until the end of the year.

Goldman Sachs revised its annual oil price forecast upward, expecting Brent to trade at $95 a barrel by the end of the year. At the same time, the forecast for 2024 has also been raised.

However, not everyone agrees with the price increase, Morgan Stanley revised its oil price forecast downward for the current quarter to $85 per barrel of Brent oil, and lowered its price forecast for 2023 and 2024.

The explanation for that forecast focused on demand. Relying on a statement from the investment bank's chief commodities strategist Martijn Rats, who offered an honest look at things, explaining that OPEC+ isn't just cutting production. When demand grows, then OPEC doesn't need to cut.