This is Oil Movement Ahead of the Weekend

<p>&nbsp;Crude traded firmer on Friday and was on track for a second weekly gain after OPEC+ members Saudi Arabia and Russia tightened supplies.</p><p><br /></p><p>US WTI traded slightly higher at around $72.20 a barrel, while Brent crude was up at around $76.90 a barrel.</p><p><br /></p><p>Saudi Arabia set a big price hike for its crude oil to Europe and the Mediterranean after announcing a voluntary output extension of 1 million barrels a day in August.</p><p><br /></p><p>In addition, Russia has said it will cut exports by half a million barrels even if production is not cut.</p><p><br /></p><p><br /></p><p>Also supporting the strengthening of oil prices is data from the Energy Information Administration (EIA) which reported US crude oil stocks fell by 1.5 million barrels pushing oil holdings to the lowest level since late January.</p><p><br /></p><p>Meanwhile, oil holdings at major storage hub Cushing, Oklahoma, also decreased while gasoline and distillate inventories also fell.</p><p><br /></p><p>Despite the strength, oil prices remain 10% lower this year as stronger monetary policy, China's dismal recovery and resilient Russian exports weigh on futures.</p>