Oil settled at seven-month highs on renewed supply concerns.

International benchmarks for crude oil ended the trading session on Friday, 1 September 2023 as traders become more concerned over the supply outlook ahead of the winter demand season. Saudi Arabia is expected to extend the voluntary production cut of 1 million barrels per day into October while Russia has agreed to cut exports next month. 

On the demand side, the US showed a robust appetite for crude oil reflected in the constant decline in commercial stocks in five out of six recent weeks.

Brent edged up $1.66 or 1.9% to close at $88.49/barrel.

WTI gained $1.39 or 1.7% to settle at $85.02/barrel.