Oil ticks higher, on track for sixth straight weekly gain

Oil prices edged up on Friday, heading for the sixth straight weekly gain, the longest weekly winning streak in more than one year after both Saudi Arabia and Russia extended the voluntary output cut into next month.

OPEC+ Joint Ministerial Monitoring Committee is scheduled to hold an online meeting today to review the oil market situation, with forecasts to maintain oil output policy unchanged.

Brent crude for October delivery rose 0.12% to $85.24 a barrel at 8:01 am Makkah time.

WTI contracts for September delivery also rose 0.2% to $81.71 a barrel.

Source: Argaam