Brent crude, the global benchmark, hovered above $87 a barrel, as crude prices were set to end a two-week losing streak on Friday, supported by expectations of supply shortages.<\/p>\n\n\n\n
Saudi Arabia is widely expected to extend a voluntary oil production cut of 1 million barrels per day into October, prolonging supply curbs announced by the Organization of the Petroleum Exporting Countries (OPEC) and its allies in the bloc known as OPEC+ to support prices.<\/p>\n\n\n\n
Russian Deputy Prime Minister Alexander Novak said on Thursday that his country, the world’s second largest oil exporter, has already agreed with its OPEC+ partners to cut oil exports.<\/p>\n\n\n\n
The price of Brent crude rose about 3 percent this week, while the price of US West Texas Intermediate crude rose 5 percent.<\/p>\n\n\n\n
And by 1020 GMT, Brent rose 98 cents, or about 1.1 percent, to $ 87.81 a barrel, while US West Texas Intermediate crude increased 95 cents, or also 1.1 percent, to $ 84.58 a barrel.<\/p>\n\n\n\n
\u201cWe continue to expect the cuts to be extended, as prices above $90 per barrel (on a sustainable basis) are needed to attract OPEC supplies back to the market, as well as to incentivize US shale producers to increase exploration activity,\u201d National Australia Bank said in a note to clients on Friday. .<\/p>\n","protected":false},"excerpt":{"rendered":"
Brent crude, the global benchmark, hovered above $87 a barrel, as crude prices were set to end a two-week losing streak on Friday, supported by expectations of supply shortages. Saudi Arabia is widely expected to extend a voluntary oil production cut of 1 million barrels per day into October, prolonging supply curbs announced by the …<\/p>\n","protected":false},"author":9,"featured_media":81795,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[7804,6832,10469],"class_list":["post-88873","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-baker-hughes","tag-china","tag-us-oil-output"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/88873","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=88873"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/88873\/revisions"}],"predecessor-version":[{"id":88874,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/88873\/revisions\/88874"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/81795"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=88873"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=88873"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=88873"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}