Us Oil rose more than a dollar on Friday

Oil rose more than a dollar on Friday after major producers Saudi Arabia and Russia extended production cuts until September, raising concerns about supply shortages, marking its sixth consecutive weekly gain.

Brent crude futures rose $1.10, or 1.3%, to $86.24 per barrel, while US crude futures rose $1.10 from $86.24 a barrel.
South West Texas Intermediate crude was up $1.27, or 1.6%, to settle at $82.82 a barrel.
Both indices hit their highest levels since mid-April on Friday.

Saudi Arabia on Thursday extended the voluntary 1 million bpd cut in oil production until September, opening the door for another extension. Russia also decided to reduce its oil exports by 300,000 barrels per day next month.

UBS analysts wrote in the note: “With continued supply disruption, we expect the trade deficit to be more than 1.5 million bpd in September, from around 2 million bpd in July and August.”
On demand, global oil consumption could increase by 2.4 million barrels per day this year, Russian Deputy Prime Minister Alexander Novak said on Friday after the OPEC+ executive committee meeting of the Organization of the Petroleum Exporting Countries and its allies.
Rule
did not change the publication policy. In the statement made by UBS, it was stated that the board could take additional steps at any time, which could mean more decisions if the economy was not good.

UBS said it expects Brent crude oil prices to trade in the range of $85 to $90 per barrel in the coming months.
Earlier Wednesday, the U.S. Energy Information Administration reported that U.S. crude inventories dropped a record 17 million barrels last week as crude oil exports and energy supplies surged during the summer travel.

Data released on Friday showed US economic pressure on oil prices
The economy posted little job gains in July, but a rise in income and a drop in the unemployment rate point to a very tight market.

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