Crude Oil heads for monthly, quarterly gains
WORLD, Sept. 29 – Crude oil made weekly gains as it ends the week on positive note, the gain will close the month and quarterly record on higher.
WTI CRUDE
WTI crude futures traded around $92 per barrel on Friday and were set to close both the month and the quarter higher as tightening global supplies outweighed demand uncertainties.
According to Trading Economics, the US oil benchmark is up about 10% so far in September and about 30% in the third quarter.
Oil rallied as OPEC+ majors Saudi Arabia and Russia extended a combined supply cut of 1.3 million barrels per day through the end of the year, stoking fears of a wider market deficit in the fourth quarter.
Russia also imposed restrictions on fuel exports to stabilize its domestic market, while US crude inventories continued to decline.
Investors now look ahead to an OPEC meeting on October 4 for more clues on production policies.
Meanwhile, traders remained cautious about heightened global economic uncertainties and a hawkish monetary policy outlook in the US.
BRENT CRUDE
Brent crude futures traded around $93.5 per barrel on Friday and were set to close both the month and the quarter higher as tightening global supplies outweighed demand uncertainties.
The international oil benchmark is up about 8% so far in September and more than 20% in the third quarter.
Oil rallied as OPEC+ majors Saudi Arabia and Russia extended a combined supply cut of 1.3 million barrels per day through the end of the year, stoking fears of a wider market deficit in the fourth quarter.
Russia also imposed restrictions on fuel exports to stabilize its domestic market, while US crude inventories continued to decline.
Investors now look ahead to an OPEC meeting on October 4 for more clues on production policies.
However, traders remained cautious about heightened global economic uncertainties and a hawkish monetary policy outlook in the US and other major economy.
