Oil prices leaped on Friday

International benchmarks for oil prices moved higher on Friday (2 September) and market believed that comment from Russian President that Russia and other producing nations should freeze output to stabilize long-suffering oil prices have boosted sentiment. This appears to have overshadowed other bearish aspects including an increase in the number of active oilrigs in the US and weaker than expected job report in the country.

WTI closed at $44.44/barrel (+$1.28) October delivery

Brent closed at $46.83/barrel (+$1.38) October delivery