Oil rises by more than $1

Oil drilling rigs

Oil prices were higher today, July 4, after Saudi Arabia extended the voluntary cut of one million barrels per day to August, in addition to Russia's intention to reduce its oil exports.

Matty Zhao, co-head of China equity research and head of Asia Pacific basic materials, oil and gas research at BofA, forecasts Brent crude to average around $80 a barrel in the second half of 2023.

Brent crude futures for September delivery rose 1.66%, or $1.24, to $75.89 a barrel, at 3:39 pm Makkah time.

WTI crude futures for August delivery rose 1.75%, or $1.22, to $71.01 a barrel, after falling by about 1% in the previous session.

Oil prices are down 11% year-to-date, despite repeated efforts by OPEC and its allies to support prices.