Oil market extended gains on tightening supply outlook
International benchmarks for crude oil ended the trading session on Friday, 4 August 2023 with additional gains as investors kept their eyes on the tightening supply outlook
International benchmarks for crude oil ended the trading session on Friday, 4 August 2023 with additional gains as investors kept their eyes on the tightening supply outlook after Saudi Arabia and Russia revealed plans to restrict outputs in September.
On the other hand, the US registered moderate job growth in July, but unemployment rates declined amid solid wage gains pointed to continued tightness in the labour market, prompting some concerns that the FED might maintain a hawkish stance over the interest rates.
Brent added $1.1 or 1.3% to close at $86.24/barrel.
WTI jumped $1.27 or 1.6% to settle at $82.82/barrel.