Oil quotes strengthened their rise during trading on Friday and are ending the week in positive territory due to reduced fears of a recession in the US.
October futures for Brent on London’s ICE Futures exchange rose by $1.57 (1.58%) to $100.91 per barrel by 14:11 CST.
Quotes of futures for WTI for October in electronic trading on the New York Mercantile Exchange (NYMEX) by the specified time increased by $1.22 (1.32%) – up to $93.74 per barrel.
On the eve of Brent has fallen in price by 1.9%, WTI – by 2.5%, but since the beginning of the week both contracts have increased in price by more than 3%.
Markets continue to receive support from the statistical data published the day before, according to which the reduction of US GDP in the second quarter amounted to 0.6% in terms of annual rates. The preliminary estimate was worse and indicated a fall of 0.9%.
In addition, Saudi Arabia, OPEC’s largest oil producer, has previously hinted at the possibility of a cartel cut in production, which also supports prices.
“A group of producing countries is committed to maintaining a price floor around $100 a barrel, and therefore downside potential appears to be limited,” said Stephen Brennock, an analyst at PVM.
Market participants also follow the annual economic symposium in Jackson Hole. On Friday, the event will feature a speech by Federal Reserve Chairman Jerome Powell, which could cause the dollar to react, which in turn will affect commodity prices, said SIA Wealth Management senior strategist Colin Czeszynski.
