The price of oil should go up!

<p>&nbsp;Heading into the week-end trading, crude oil prices showed an encouraging performance by being on track to record weekly gains.</p><p><br /></p><p>In the European session, Brent crude oil futures traded higher at around $87 a barrel after gaining around 3.5% this week.</p><p><br /></p><p>Meanwhile, US WTI traded stronger at around $83 a barrel following a 4.7% increase this week.</p><p><br /></p><p>Both benchmarks traded at three-week highs.</p><p><br /></p><p>Among the factors seen supporting this strengthening is the prospect of tighter oil supply following the expected deep production reduction by producing countries.</p><p><br /></p><p><br /></p><p>Russian Deputy Prime Minister Alexander Novak said that Moscow had reached a new agreement with member countries in OPEC+ to further reduce supply.</p><p><br /></p><p>The cuts are likely to add support to ongoing ongoing supply cuts by Russia and Saudi Arabia.</p><p><br /></p><p>That factor indirectly helped the oil market offset the impact of weak economic signals from the United States and China this week.</p><p><br /></p><p>The second reading of US gross domestic product (GDP) data showed a slower pace, growing 2.1% in the second quarter from 2.4% in the first figure released in July.</p>