- Saudi Arabia signals it’s open to discuss stabilizing markets
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Oil extended its advance above $44 a barrel after posting the biggest weekly increase since April.
“Oil is now close to an equilibrium price, and unless we get further developments, I would expect to see it trading around the $44 to $45 level for the balance of the week,” said Michael McCarthy, a chief market strategist in Sydney at CMC Markets. “It wouldn’t surprise me to see a little bit of pressure as some investors lock in some of the gains they’ve made.”
West Texas Intermediate for September delivery rose as much as 25 cents to $44.74 a barrel on the New York Mercantile Exchange and was at $44.58 at 7:42 a.m. in Hong Kong. Prices advanced $1 to settle at $44.49 a barrel on Friday, the highest since July 21. Total volume traded was about 64 percent below the 100-day average.
Brent for October settlement added as much as 28 cents, or 0.6 percent, to $47.25 a barrel on the London-based ICE Futures Europe exchange. The contract increased 2 percent to close at $46.97 on Friday. The global benchmark crude traded at a $1.79 premium to WTI for October delivery.