Oil settles higher, rises for sixth straight week

Oil drilling rigs

Oil settled higher on Friday, posting its sixth straight weekly gain, the longest weekly winning streak in more than one year on the back of lower crude supplies.

In an online meeting, OPEC+ Joint Ministerial Monitoring Committee kept its policy unchanged. The panel confirmed the members' commitment to the declaration of cooperation after reviewing oil production data for May and June 2023.

The US oil rigs fell four to 525 in the week ended Aug. 4, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

On Aug. 3, Saudi Arabia will extend a voluntary oil output cut of one million barrels per day (bpd) for another month to include September.

Brent crude for October delivery rose 1.3%, or $1.1, to $86.24 a barrel.

WTI contracts for September delivery also rose 1.55%, or $1.27, to $82.82 a barrel, posting a weekly gain of 2.8%.