Oil prices end the session 1% higher on weak US outputs.

International benchmarks for crude oil crept up by about 1% on Friday, 18 August 2023 as the US oil and natural gas rig count, an indicator of future output, declined for the sixth week on the trot. Coupled with the plunge in US production, prices were also supported by extended supply cuts by OPEC+, propelling oil prices to record positive growths since June for seven consecutive weeks. 

However, those weekly gains were cut short on 11 August 2023 as prices were cut by 2% from last week due to the crippling property market in China inducing further concerns regarding an already lethargic economic recovery. 

Brent crude ended the session 68 cents or 0.8% higher, at $84.80/barrel.

US West Texas Intermediate climbed 86 cents or 1.1% to $81.25/barrel.