Oil stable amid light trading

04/09/2023 Argaam
Oil drilling rigs

Oil drilling rigs

Oil was stable today, Sept. 4, amid expectations that major producers would keep supplies in check and as US markets were closed for holiday.

 

International benchmark Brent crude was trading at $88.62 a barrel, at 08:10 am Makkah time. West Texas Intermediate (WTI) crude rose 0.12% to $85.65 a barrel.

 

The US benchmark grade rose earlier in the session to $86.09 a barrel – the highest level since November.

 

Expectations have increased about OPEC+ supply cuts to continue, especially after Russian Prime Minister Alexander Novak said last week that Russia had agreed with the group on criteria for continuing to reduce exports.

 

Prices also received support from expectations that the Federal Reserve may be close to ending its monetary tightening campaign.

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