Oil prices rose at the settlement of trading the day before yesterday, achieving weekly gains, with markets evaluating the decision to extend global oil export cuts.
Brent crude futures for November delivery rose 2%, or $1.72, at $88.55 at settlement, recording the highest level since the end of August 2022, and the contract achieved weekly gains of 5.5%.
The price of US Nymex crude for October delivery rose 2.3%, or $1.92, to $85.55, the highest settlement since the end of June 2022, achieving weekly gains of 7.15%.
Russian Deputy Prime Minister Alexander Novak said that Moscow had agreed with OPEC+ to further reduce exports, with details of the agreement to be announced later.
As part of Beijing's efforts to support economic recovery, the People's Bank of China announced that it intends to reduce the amount of foreign exchange that financial institutions must keep in reserve for the first time this year, to slow the pace of the yuan's decline. Baker Hughes data showed that the number of oil exploration rigs worldwide decreased by 32 rigs to 1,788 rigs in August, from 1,820 rigs in July.
The data showed that the number of US oil exploration rigs remained unchanged at 512 rigs.
