Summary
- 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.
