Oil on longest run of gains since January amid tighter supply in market; Brent over $86/bbl

livemint.com:

₹6,806 per bbl, having swung between ₹6,739 and ₹6,874 per bbl during the session so far, against a previous close of ₹6,735 per barrel. Analysts expect Saudi Arabia to extend a voluntary oil production cut of 1 million barrels per day (bpd) into October, adding to cuts put in place by the OPEC+.

Saudi Arabia's official selling prices for all crude grades sold to Asia in October will be raised to their highest this year, according to Reuters. Meanwhile, US consumer spending increased 0.8 per cent last month, the Commerce Department reported on Thursday, but slowing inflation strengthened expectations that the Federal Reserve would keep interest rates unchanged next month.

The US economy expanded at a 2.1 per cent annual pace in the April-June quarter, compared to the initial estimate of 2.4 per cent, according to official revised estimates released on Wednesday. The US government had previously estimated that the economy expanded at a 2.4 per cent annual rate last quarter.