Benchmark oil prices, which ended last week at their highest levels this year, are little changed on Monday morning.
The price of November futures for Brent on the London ICE Futures exchange at 8:08 a.m. is $84.53 per barrel, which is 6 cents (0.07%) higher than at the close of the previous session. Last Friday, these contracts rose by $1.72 (2%) to $88.55 per barrel.
Quotes for WTI futures for October in electronic trading on the New York Mercantile Exchange (NYMEX) by this time increased by 9 cents (0.11%) to $85.64 per barrel. At the end of the previous session, they rose by $1.92 (2.3%) to $85.55 per barrel.
Over the past week, Brent rose in price by 5.5%, WTI by 7.2%, and the two brands ended trading on Friday at their highest levels since November 17 and 16, 2022, respectively.
The quotes were supported by fears of a reduction in supply in the market, as well as positive statistics from China.
The Purchasing Managers’ Index (PMI) in China’s manufacturing industry in August updated its highest level since February, Caixin Media Co. reported on Friday, which calculates the indicator. The index rose to 51 points from 49.2 points in July. A value above 50 points indicates an increase in activity in the sector.
Traders also expect Saudi Arabia to extend its voluntary production cuts by 1 million barrels per day to October.
In addition, the latest US data is “relatively balanced and generally in line with expectations that the peak level of Federal Reserve interest rates has already been reached, which in turn spurs hopes for a soft landing for the US economy,” said Tyler Ritchie of Sevens Report Research.
Meanwhile, data from the oilfield services company Baker Hughes showed that over the past week, the number of operating oil rigs in the United States remained unchanged at 512 units, the lowest since February 2022. The number of gas rigs decreased by 1 to 114.
