Oil prices were on track for a sixth week of gains after Saudi Arabia and Russia, the world's second and third-largest crude producers, pledged to cut output through September
"With the production cut extended, we anticipate a market deficit of more than 1.5 million barrels per day in September, following an estimated deficit of around 2 million bpd in July and August," UBS analysts wrote in a note.
On the demand front, global oil consumption could grow by 2.4 million bpd this year, Russian Deputy Prime Minister Alexander Novak said on Friday after a ministerial panel meeting of the OPEC+ - the Organization of the Petroleum Exporting Countries and allies.to output policy. The panel noted that it could take additional measures at any time, which could mean additional cuts if market conditions worsen, the UBS note added.Weighing on oil prices, data released on Friday showed the U.S.
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