Oil prices surged on Friday

International benchmarks for oil prices increased on Friday (12 August) after Saudi Arabia’s comment that the country would work with other oil producers to stabilise the oil prices. However, many analysts sceptical of any serious action would be taken considering the record high production output Saudi strike in July. In addition, the number of active oilrigs in the US increased by 15 last week, indicating that global glut of crude oil is here to persist and keeping prices low.

WTI closed at $44.49/barrel (+$1.0) September delivery

Brent closed at $46.97/barrel (+0.93) October delivery