UPDATE 9-Oil rises 2% on positive economic data

* U.S. manufacturing activity near 1-1/2-year high
* OPEC+ set to raise output in August, adding 1.5 mln bpd
* Brent rangebound for between $41 and $45/bbl over past
month
* Fears over rising COVID-19 cases weigh on market
* Euro zone manufacturing activity expands modestly

(Updates prices and market activity, adds analyst comments)
By Laila Kearney
NEW YORK, Aug 3 (Reuters) - Oil prices rose more than 2% on
Monday on positive economic data from Europe, Asia and the
United States, but investors remained concerned about rising
COVID-19 cases globally and oversupply as OPEC begins to lift
supply cuts.
Brent crude LCOc1 rose 86 cents, or 2%, to $44.38 a barrel
by 1:29 p.m. EDT (1729 GMT) while U.S. West Texas Intermediate
(WTI) crude CLc1 gained 92 cents, or 2.3%, to $41.19.
U.S. manufacturing activity accelerated to its highest level
in nearly 1-1/2 years in July as orders increased despite a
resurgence in new COVID-19 infections, the Institute for Supply
Management said. A similar survey showed manufacturing activity across the
euro zone expanded last month for the first time since early
2019, while positive manufacturing data in Asia also boosted
oil. "The industrial sector is picking back up and that portends
well for demand going forward," said John Kilduff, partner at
Again Capital LLC in New York.
Investors, however, continue to worry about the economic
recovery as coronavirus cases climb, with known infections
reaching almost 18 million globally. More countries are imposing
new restrictions or extending existing curbs in an effort to
control the pandemic. The prospect of oversupply also weighed on oil prices as the
Organization of the Petroleum Exporting Countries (OPEC) and its
allies, including Russia, prepare to ease oil supply cuts while
U.S. shale production begins to increase.
"As weakening demand possibly intersects with rising
production, a renewed supply upswing into record high territory
would appear likely," said Jim Ritterbusch of Ritterbusch Oil
Associates.
OPEC+ members have been cutting output by 9.7 million
barrels per day (bpd) since May. This month, cuts will taper to
7.7 million bpd until December.
Russian oil and gas condensate output increased to 9.8
million bpd over Aug. 1-2, from 9.37 million bpd in July, a
source familiar with data said. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
OPEC Production Image https://tmsnrt.rs/36aZvtY
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>