China’s pledge to boost its economy has improved sentiment in oil markets while fundamentals look increasingly bullish. The prices of oil futures grew on Friday as supply woes seemingly continued to dominate the crude market sentiment. Additional voluntary oil production cuts previously announced by Saudi Arabia and Russia seem to have remained in focus. In addition, this week’s report by the United States Energy Information Administration showed that the crude oil inventories in the country declined by 700,000 barrels. West Texas Intermediate (WTI) for settlements in September rose 1.02%, going for $76.42 per barrel at 2:58 am ET. Brent for the same month’s deliveries increased 0.95% to $80.43 per barrel at 3:00 am ET.
US deploys more forces in Middle East over Iran’s actions
The United States Central Command (CENTCOM) announced it decided to deploy additional forces in the Middle East in response to Iran’s recent attempts to seize commercial ships in the region. The US stated it will deploy an Amphibious Readiness Group/Marine Expeditionary Unit (ARG/MEU) into the CENTCOM area of responsibility. “These additional forces prove unique capabilities, which alongside our partners nations in the region, further safeguard the free flow of international commerce and uphold the rules based international order, and deter Iranian destabilizing activities in the region,” CENTCOM Commander Michael Erik Kurilla said. The CENTCOM noted that Tehran either seized or tried to seize almost 20 internationally flagged ships over the past two years. According to earlier US statements, the most recent seizures or attempts to seize foreign ships came earlier this month.