The barrel price of Brent oil, which closed at $ 84.48 on Friday last week, increased by 5.2 percent compared to the previous week and closed at $ 88.92 today. Thus, the barrel price of Brent oil has seen its highest level since November last year.
The barrel of West Texas type crude oil, on the other hand, increased by 7.7 percent compared to last week’s closing, ending the week at $ 86.05.
Russian Deputy Prime Minister Aleksandr Novak announced after his meeting with Russian President Vladimir Putin yesterday that the OPEC+ group is preparing to conclude a new supply cut agreement.
Concerns that Saudi Arabia and Russia would continue their voluntary oil production cuts in October, fueled oil prices.
Saudi Arabia extended the duration of the 1 million barrels per day cut, which it started in July and extended in August, to cover the month of September.
Russia, which reduced its oil exports by 500 thousand barrels per day in August, announced that it would continue to reduce its oil exports voluntarily, and accordingly, it would cut 300 thousand barrels a day in oil supply in September.
On the other hand, the fact that the data pointing to the slowdown in the US labor market strengthen the forecasts that the Fed will not raise interest rates for the rest of the year, supports the rise in prices.
According to the data released by the US Department of Labor today, non-farm employment in the country increased by 187 thousand in August, above expectations, while the unemployment rate rose to 3.8 percent, the highest level since February 2022.
Analysts stated that despite the increase in the non-farm employment data in the USA, the rise in the unemployment rate in the country revealed that the slowdown in the employment market still continues, and drew attention to the fact that the possibility that the Fed’s interest rate hike cycle may have ended.