WTI oil prices closed higher for the ninth consecutive session, the longest winning streak since January 2019. Brent rose for the seventh session.
Commodity markets continue to be affected by announcements by Saudi Arabia and Russia to extend production cuts until December. The higher-than-expected US services PMI, as measured by the ISM, although triggering global risk aversion today, was beneficial for oil, according to traders.
This is because it shows a strong economy, in which demand for fuel should remain firm, at a time when the US has the lowest stocks since December 2022.
Quotations fell after the data, which raised the dollar against other currencies, but soon resumed the upward movement.
At the close, the Brent November contract (CCOM:OILBRENT)was up 0.62% to settle at $90.60 a barrel on ICE. WTI for October (CCOM:OILCRUDE) advanced 0.98% to settle at $87.54 a barrel on Nymex.