Crude oil prices climbed higher on Friday amid concerns about tightening oil supplies following Russia and Saudi Arabia's decision earlier this week to extend their supply cut till the end of the year.
West Texas Intermediate Crude oil futures for October ended higher by $0.64 or about 0.7% at $87.51 a barrel.
Brent crude futures were up $0.72 or 0.8% at $90.64 a barrel a little while ago.
Oil prices were also supported by Thursday's data from the Energy Information Administration (EIA), which showed a big drop in U.S. crude inventories in the week ended September 1.
For comments and feedback contact: editorial@rttnews.com
Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.