Oil edged higher on continued supply concerns.
International benchmarks for crude oil edged higher on Monday, 4 September 2023 as investors focused on the tighter supply outlook in the coming month after Russia agreed to cut exports in October
International benchmarks for crude oil edged higher on Monday, 4 September 2023 as investors focused on the tighter supply outlook in the coming month after Russia agreed to cut exports in October while Saudi Arabia might extend the voluntary output cuts. Adding on to the upward pressure is the renewed speculations that the FED might ease the interest rate hike campaign after an unexpected rise in the US unemployment rate in August.
Brent inched 45 cents higher, settling at $89/barrel.
WTI added 40 cents to close at $85.95/barrel for October delivery.