Oil prices rose again for the 6th straight week and are now at the highest level since mid-April. Saudi Arabia on Thursday extended a voluntary oil production cut of 1 million barrels per day to the end of September, keeping the door open for another extension. Russia has also elected to reduce its oil exports by 300,000 barrels per day next month. “With the production cut extended, we anticipate a market deficit of more than 1.5 million bpd in September, following an estimated deficit of around 2 million bpd in July and August,” UBS analysts wrote in a note. Notable this week was a draw of 17MM/bbls from crude inventories, the largest recorded drop (excluding SPR). Weighing on prices, the downturn in euro zone business activity worsened more than initially thought in July as manufacturing and services both slowed. WTI traded up $1.27 or 1.6% to close at $82.82. Brent traded u $1.10 or 1.3% to close at $86.24.