Oil prices rose in Asian trading today, supported by expectations that major producers will maintain the restrictions they impose on supplies, as well as growing hopes that the Federal Reserve (the US central bank) will leave interest rates unchanged to avoid Slowing economy.
Brent crude futures for November delivery rose three cents to $88.58 per barrel, while US West Texas Intermediate crude futures for October delivery rose nine cents to $85.64 per barrel.
The slight increase in Asian trading comes after the two contracts ended last week at their highest levels in more than half a year, after declining in the previous two weeks.
Russia announced that it would reduce its exports by 300,000 barrels per day in September, after a reduction of 500,000 barrels per day last August, and Saudi Arabia is also expected to extend a voluntary reduction of one million barrels per day until next October.
QNA