Oil closes higher as geopolitical tensions in Red Sea resurface

Oil drilling rigs

Oil closed higher today, Sept. 3, following fresh attacks on two oil tankers in the Red Sea, coinciding with the disruption of oil exports in Libyan ports and the decline in production.
 

Brent crude futures for November delivery (the most active contract) rose 0.7%, or 54 cents, to $77.47 a barrel, after touching $76.21.
 

WTI crude for October delivery increased by 0.8%, or 60 cents, to $74.15 a barrel, at 07:39 pm Makkah time.
 

China's Caixin manufacturing purchasing managers' index rose to 50.4 in August from 49.8 in July, above the 50-point mark that separates growth from contraction, an S&P Global survey showed.
 

Meanwhile, OPEC production fell by about 340,000 barrels per day in August compared to July, to 26.36 million barrels per day, the lowest level of OPEC supplies since January, according to a Reuters survey.