Brent closes above $88 a barrel, WTI posts 7% weekly rise

02/09/2023 Argaam

Oil slightly higher, on track for strong weekly gain

Oil drilling rigs

Oil prices settled higher Friday, posting a weekly gain as markets assess the Russian decision on extending oil export cuts.

 

Russia agreed with OPEC+ to reduce oil exports. The agreement details will be announced next week, said Deputy Prime Minister Alexander Novak.

Brent crude for November delivery rose 2%, or $1.72, to $88.55 a barrel, the highest settlement since August 2022. Brent posted a weekly gain of 5.5%.  

 

WTI contracts for October delivery advanced 2.3%, or $1.92, to $85.55 a barrel to settle at the highest level since June 2022, recording a weekly rise of 7.15%.

 

Elsewhere, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday that the US oil rigs remained unchanged at 512 in the week ended Sept. 1.

 

The US oil rig count fell by 84 year-on-year.

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