Price action
By 0350 GMT, Brent crude futures rose 13 cents, or 0.16 percent, to $86.99 per barrel, while US West Texas Intermediate crude futures increased 21 cents, or 0.25 percent, to $82.67 per barrel.
The two crude oil standards rose by more than $2 per barrel yesterday, Thursday. Brent is heading to record a decline of about four percent this week, while West Texas Intermediate crude is heading to close down 3.5 percent.
Geopolitical concerns continue to be closely monitored in light of the continuing confrontations between Israel and Hamas in Gaza.
On the supply side, analysts expect Saudi Arabia, the world’s largest oil exporter, to reaffirm the extension of the voluntary oil production cut by one million barrels per day until December.
US oil rig count data is expected to be released later today, and will serve as an indicator of future production.
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