Oil prices rose to a two-year high in Asian trade on Monday due to expectations of a tightening market and economic recovery in China. The price rise was supported by falling global inventories, production cuts by OPEC+ and Saudi Arabia, and China's industrial output growth. The extension of supply cuts by Saudi Arabia and Russia convinced portfolio managers to increase their bullish positions on crude oil, with the net long in Brent and WTI reaching an 18-month high.