Oil prices continued their gains today, touching their highest levels since mid-April, after Saudi Arabia and Russia pledged to continue reducing supplies for another month, with the aim of continuing to balance global markets and support prices.

Brent crude futures rose 25 cents, or 0.3 %, to $86.49 a barrel, while West Texas Intermediate crude futures rose 23 cents, or 0.3 %, to $83.05 a barrel.

The two crude oil recorded gains for the sixth consecutive week last week, which is the longest period of gains since December 2021 and January 2022.

Prices have received support thanks to several factors in the past few weeks, including expectations of a reduction in the rate of US interest rate hikes, a reduction in OPEC Plus supplies and hopes to stimulate a recovery in oil demand in China, the largest importer of crude in the world, after a slump in the second quarter.

Source: National Iraqi News Agency