Brent crude futures for October delivery, which expires on Thursday, were up 14 cents, or 0.16 percent, at $86 a barrel by 0039 GMT. The most active November contract was up 10 cents, or 0.12 percent, at $85.34.
U.S. West Texas Intermediate crude futures were up 10 cents, or 0.13 percent, at $81.74.
Prices rose this week due to lower-than-expected crude supply and U.S. government data that provided additional support after a military coup in Gabon, a member of the Organization of the Petroleum Exporting Countries (OPEC), raised fears of supply disruptions. For yesterday’s Wednesday price.
In addition to the cuts implemented by the OPEC+ alliance, which includes OPEC and allies led by Russia, analysts expect Saudi Arabia to extend a voluntary cut in oil output of one million barrels per day in October for a third consecutive month.
The US government cut GDP growth to 2.1 percent in the last quarter of the year, instead of the 2.4 percent reported last month. Yesterday, on Wednesday, data showed that private sector job growth slowed significantly in August.
“The bad news is good, weak US economic data has led to lower expectations for a further interest rate hike,” ANZ Research said in a note.
Higher interest rates dampen demand and put downward pressure on oil prices.
A Reuters poll showed factory activity in China may have contracted for a fifth consecutive month in August, as weak demand threatens recovery prospects in the world’s second-largest economy and puts pressure on authorities to support growth.
The official PMI is expected to rise to 49.4 in August, a slight improvement from 49.3 in July, remaining below the key 50.0 level that separates growth from contraction for a fifth straight month.
