① Oil prices rose for a second day on Friday, on track for a sixth straight week of gains, after Saudi Arabia and Russia, the world's second- and third-largest oil producers, pledged to keep output cuts next month.
② Brent crude oil October contract LCOc1 rose $0.30, or 0.4%, to $85.44 a barrel; U.S. West Texas Intermediate (WTI) September contract CLc1 rose $0.36, or 0.4%, to $81.90.
③ Brent crude oil futures recovered Wednesday's 2% decline on Thursday and were on track for a weekly gain of 0.4%; WTI crude oil futures were expected to rise 1.4% for the week after Wednesday's biggest drop in U.S. crude oil inventories.
④ The two major crude oil indicators are on track for their sixth week of gains, the longest winning streak this year.
⑤ Saudi Arabia issued a statement on Thursday that it will extend its voluntary production cut of 1 million barrels per day for another month until the end of September. Ministers of OPEC+, an alliance of oil-producing countries that includes allies of the Organization of the Petroleum Exporting Countries (OPEC), including Russia, are due to meet on Friday.
⑥ The OPEC+ Joint Ministerial Monitoring Committee (JMMC) is unlikely to adjust its overall oil production cut policy at Friday's meeting, sources said. But Saudi Arabia's pledge, coupled with comments from Russian Deputy Prime Minister Novak that Russia would also cut output by 300,000 bpd in September, raised supply concerns and supported prices.
⑦ White House national security spokesman Kirby said at a briefing on Thursday that the United States will continue to work with producing countries following Saudi Arabia's decision to reduce oil production.