Brent ended the week’s trading up 4.8%, at $88.49 a barrel
New York – Reuters
Posted on: September 02, 2023: 10:16 AM GST Last updated: September 02, 2023: 11:12 AM GST
Oil prices rose in Friday’s trading session to their highest levels in more than 7 months, ending a two-week losing streak, supported by expectations of supply shortages.
It is widely expected that Saudi Arabia will extend a voluntary cut in oil production by one million barrels per day to October, prolonging supply restrictions announced by the Organization of the Petroleum Exporting Countries (OPEC) and its allies in the bloc known as “OPEC +” to support prices.
Last Thursday, Russian Deputy Prime Minister Alexander Novak said that his country, the second largest oil exporter in the world, had already agreed with its partners in “OPEC +” to reduce oil exports next month.
Brent crude rose $1.66, or 1.9%, to settle at $88.49 a barrel. It had risen during the session to $88.75 a barrel, the highest level since January 27.
US West Texas Intermediate crude increased $1.39, or about 1.7%, to $85.02 a barrel. It earlier rose to $85.81, its highest level since November 16.
The price of Brent crude rose by 4.8% this week, recording the largest weekly increase since late July. The price of US West Texas Intermediate crude oil rose 7.2%, its biggest weekly gain since March.
2023-09-02 06:16:00
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