Oil prices rose at the settlement of trading the day before yesterday, to achieve weekly gains, with markets assessing the decision to extend cuts in global oil exports.
Brent crude futures for November delivery rose 2%, or $1.72, at $88.55 upon settlement, marking the highest level since the end of August 2022, and the contract achieved a weekly gain of 5.5%.
The price of US Nymex crude for October delivery rose 2.3%, or $1.92, to $85.55, the highest settlement since the end of June 2022, achieving a weekly gain of 7.15%.
Russian Deputy Prime Minister Alexander Novak stated that Moscow had agreed with “OPEC +” to further reduce exports, provided that it would announce the details of the agreement later.
As part of Beijing’s efforts to support economic recovery, the People’s Bank of China announced that it intends to reduce the amount of foreign exchange that financial institutions must keep as reserves for the first time this year, to slow the pace of the yuan’s decline. Baker Hughes data showed that the number of oil exploration rigs worldwide decreased by 32 to 1,788 in August, from 1,820 in July.
The data showed that the number of US oil exploration rigs remained unchanged at 512.
Oil to its highest level in 7 months
2023-09-02 22:02:08
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