September 4, 2023 [RTT News] – Extending the rally seen over the past several sessions, the price of crude oil showed another significant move to the upside during trading on Friday.

Crude for October delivery surged $1.92 or 2.3 percent to $85.55 a barrel, closing higher for the seventh straight session. The price of crude oil soared 7.2 percent for the week.

The extended spike in oil prices came amid ongoing concerns about tight supplies, with OPEC+ expected to extend their output cuts.

Russia indicated it may continue its voluntary cut on crude exports until next month, while traders expect a similar announcement from Saudi Arabia.

A report released earlier this week showing a continued slump in U.S. crude oil inventories also continued to support oil prices.

Oil may also have benefitted from a Labor Department report showing stronger than expected job growth in August but an unexpected increase in the unemployment rate.

While the job growth points to continued strength in the economy, the increase in the unemployment rate has added to optimism the Federal Reserve will leave interest rates unchanged later this month.

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