Oil rises for 6th straight week as global supplies tighten


  • WTI crude up 20% in past six weeks, Brent up 17%
  • Saudi, Russia pledge output cuts ahead of OPEC+ meeting
  • OPEC+ meeting yields no changes to policy
  • Brent likely to be in $85-$90/bbl range over coming months – UBS

Aug 4 (Reuters) – Oil prices rose more than a dollar a barrel on Friday to record a sixth consecutive week of gains, after top producers Saudi Arabia and Russia extended supply cuts through September, adding to undersupply concerns.

Brent crude futures rose $1.10, or 1.3%, to settle at $86.24 a barrel, while the U.S. West Texas Intermediate crude gained $1.27, or 1.6%, to close at $82.82 a barrel. Both benchmarks hit their highest levels since mid-April on Friday.

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