The price of Texas intermediate oil (WTI) rose 1.55% this Friday and closed at US$82.82 a barrel, a level not seen since April.
At the close of business on the New York Mercantile Exchange (nymex), WTI futures contracts for September delivery added $1.27 from the previous day.
Saudi Arabia announced yesterday that it will extend its voluntary cut in one million barrels of oil per day (bpd) until September, a reduction that could be extended in the future and even “increase,” the official Saudi news agency SPA reported, citing an energy ministry source.
“Saudi Arabia will extend the voluntary cut of one million barrels per day, which was applied in July, for one more month and will be applied during September, with the possibility that this reduction is extended or increased”, said SPA.
Russia it has also chosen to cut its oil exports by 300,000 bpd next month.
The OPEC+ met today and noted no further changes to its production.
On the other hand, the futures contracts Natural gas for September added up to US$0.01, up to US$2.57, and gasoline maturing in the same month also added up to US$0.01, up to US$2.78.