Oil prices were higher today but both contracts logged losses for the second month in a row. Strengthening oil prices, OPEC+ sources said the group will consider keeping oil output unchanged for September with two saying a modest increase would be discussed. President Biden visited Saudi Arabia earlier this month in hopes of convincing the Kingdom to increase its production. Bad economic numbers have translated to optimism in markets about the Fed slowing its pace of rate hikes. “These days, there has been a lot of macro influences on the oil market with the stock market making a nice rebound and a similar fall in the dollar feeding into (today’s prices),” said John Kilduff, partner at Again Capital LLC. The active rig count increased last week for the 23rd month, up 11 rigs month over month. WTI traded up $2.20 or 2.3% to close at $98.62. Brent traded up $2.14 or 2.1% to close at $103.97.<\/p>\n\n\n\n
Oil prices were higher today but both contracts logged losses for the second month in a row.<\/p>\n","protected":false},"author":2,"featured_media":6111,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-6973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n