Oil inched higher on continued supply concerns.

International benchmarks for crude oil settled higher on Wednesday, 6 September 2023 on expectations that the US commercial crude inventories might drop further after Saudi Arabia extended the voluntary output cuts until the end of the year while Russia is to curb exports. The tightening supply outlook has been supporting the energy market over the past week.

The market is waiting for the Energy Information Agency to release data on the US crude inventories; however, analysts expect a 5.5 million barrel draw given the strong export activities.

Brent added 56 cents to close at $90.60/barrel.

WTI gained 85 cents to close at $87.54/barrel.