Oil futures log highest settlement year to date

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Oil futures on Friday marked their highest settlement of the year, with front-month U.S. benchmark prices up 7.2% for the week, according to Dow Jones Market Data. With Saudi Arabia cutting exports by 1 million barrels a day in August and likely to extend cuts into the fourth quarter, the “market is rightly pricing in an outlook of tighter inventories as we work toward 2024,” said Troy Vincent, senior market analyst at DTN. October West Texas Intermediate crude
climbed $1.92, or 2.3%, to settle at $85.55 a barrel on the New York Mercantile Exchange. Prices based on front-month contract ended at their highest since November 2022.

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