Oil moved higher on Friday

International benchmarks for oil prices inched higher of Friday (26 August) despite the US Federal Reserved signalled that it would lift the key interest rate soon, which appreciate the US dollar. Meanwhile, major members in the OPEC constantly downplay possibility of cutting output, instead focusing on a production freeze. Iran reiterated that the country would continue its aim to restore pre-sanction market share before it commit to any output cap. Analysts are not expecting any significant result from the coming OPEC meeting as most countries in the cartel are drilling at near record high levels. The number of active oilrigs in the US remains unchanged last week.

WTI closed at $47.64/barrel (+$0.31) October delivery

Brent closed at $49.92/barrel (+$0.25) October delivery