NEW YORK: Oil prices edged higher on Monday on expectations that Opec+ would keep supplies tight and speculation that the US Federal Reserve will cease its aggressive interest rate hike campaign.

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       Saudi Arabia has spearheaded efforts to support prices, making large voluntary output cuts as part of a production deal agreed by the Opec+ producer group comprising the Organisation of the Petroleum Exporting Countries (Opec) and allies including Russia.

       The kingdom is widely expected to extend its voluntary 1 million barrel per day (bpd) cut for a fourth consecutive month into October.

       Saudi Arabia’s previous announcements have come ahead of its official selling prices, which typically emerge in the first week of the month.

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       Brent crude futures for November crept 33 cents higher to $88.88 a barrel by 11:33 a.m. (1533 GMT). US West Texas Intermediate crude (WTI) October futures rose 37 cents to $85.92.

       Published in Dawn, September 5th, 2023