Oil rose on Friday

International benchmarks for oil prices extended the firming trend (19 August) as hope for a production cap among major oil producing countries overshadowed concern about supply glut. Oil prices have been rallying sine earlier this week after encouraging comments from Saudi and Russia about cooperation to stabilise the oil market; a fall in US commercial crude and gasoline inventories as well as weaker USD. So far, market has yet to seen factor that can immediately pull prices down. However, analysts warned that current rally could keep the market oversupplied by encouraging producers to drill more.

WTI closed at $49.11/barrel (+$0.22) September delivery

Brent closed at $50.88/barrel (-$0.01) October delivery