Oil is falling as traders capitalise on rising oil prices

ANKARA - Oil prices recorded a limited decline on Monday as investors profited from the highest oil prices seen since November and on expectations that Saudi Arabia and Russia’s curbs would continue through October. International benchmark Brent crude traded at $88.48 per barrel at 10.21am local time (0721 GMT), a 0.08 percent loss from the closing price on Friday of $88.55 per barrel. The American benchmark West Texas Intermediate (WTI) traded at the same time at $85.45 per barrel, down 0.11 percent from the previous session close of $85.55 per barrel. Brent trade on Friday saw prices reach the highest level since last November at $88.99 a barrel on concerns that Saudi Arabia and Russia will maintain production curbs throughout October. Concerns were amplified after Russian Deputy Prime Minister Alexander Novak said on Thursday that OPEC+ countries agreed on fresh supply curbs. “Yes, we agreed. But we will announce the basic parameters next week, publicly,” Novak was quoted as saying by Russian media outlets. Earlier last month, Saudi Arabia stated that it would extend its existing 1 million barrels per day (bpd) of output cutbacks through September. The country originally reduced output in July and extended it through August. Likewise, Russia announced it would continue to voluntarily reduce oil exports. It said it would reduce exports by 500,000 bpd in August and cut 300,000 bpd in September. Data suggesting some symptoms of softening in the employment sector further bolstered bearish market sentiment.

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