WASHINGTON (dpa-AFX) - Despite some disappointing economic data from Germany and a fairly strong U.S. dollar, oil prices climbed higher on Friday amid tightening supply due to production cuts from OPEC and its major allies.
Higher diesel prices in the U.S., and reports about a fire at a refinery in Louisiana contributed as well to the uptick in oil prices.
A stronger dollar limited oil's upside.
West Texas Intermediate Crude oil futures for October ended higher by $0.78 or about 1% at $79.83 a barrel.
Brent crude futures settled at $84.48 a barrel today, gaining $1.12 or about 1.3%.
Russia and Saudi Arabia announced earlier this month that they would extend their additional cuts into September.
It is widely expected that Saudi Arabia will likely continue with its production cut through October.
According to a report from Baker Hughes, the number of active oil rigs in the U.S. fell again. The oil and gas rig count fell by 10 to 632 this week, the lowest since February 2022.
U.S. oil rigs fell eight to 512 this week, their lowest since February 2022, while gas rigs slipped by two to 115, their lowest since January 2022.
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