Oil prices are moderately higher on Friday morning after a strong rise at the end of the previous session, triggered by the decision of Saudi Arabia and Russia to extend supply cuts.
The price of October Brent futures on the London-based ICE Futures exchange at 8:01 a.m. Q1 is $85.26 per barrel, up 12 cents (0.14%) from the previous session’s close. On Thursday, these contracts rose in price by $1.94 (2.3%) – to $85.14 per barrel.
Quotes of futures for WTI for September at the electronic trading of the New York Mercantile Exchange (NYMEX) by the specified time rose by 17 cents (0.21%) and amounted to $81.72 per barrel. At the end of the previous session they rose by $2.05 (2.6%) – to $81.55 per barrel.
Both grades may end in the plus for the sixth week in a row.
Riyadh extends an additional voluntary cut in oil production by 1 million barrels per day for September, the kingdom’s state news agency reported, citing an official source in the energy ministry. Thus, the actual level of oil production in Saudi Arabia next month is expected to be 9 million bpd.
This reduction is in addition to the announced in April limitation of production by 500 thousand b / s, which will last until the end of 2024.
Investors are waiting for the meeting of the OPEC+ Ministerial Monitoring Committee (JMMC) on Friday, although it is unlikely to recommend any changes in production policy, MarketWatch writes.
