Oil prices set for sixth weekly gain as producers pledge output cuts

Washington, Aug.4 (BNA): Oil prices rose for a second day on Friday, set for their sixth week of gains amid pledges to cut output through next month.

Brent crude futures for October rose 10 cents, or 0.1%, to $85.24 a barrel by 0330 GMT, while U.S. West Texas Intermediate crude for September rose 17 cents, or 0.2%, to $81.72.

Both benchmarks were on track for a sixth week of gains,their longest streak of weekly gains this year. Brent has risen 15.4% and WTI 18.2% during the last six weeks, reports Reuters. 

White House national security spokesman John Kirby said the United States will continue to work with producers and consumers to ensure the energy market promotes growth. The U.S. is the world’s biggest oil producer and consumer.

However, the latest batch of U.S. data showing tight labour markets and a slowing service sector has triggered some worries that an economic slowdown would curb demand for oil and pressure prices lower, even with the supply cuts.

 

AHN