The price of crude oil rose on Friday, balking at the July U.S. jobs report. The report suggested that the Federal Reserve could tighten further and limit the demand for crude oil. WTI rose to $90.69 per barrel on Friday at 11:22 a.m. ET, up $1.20 on the day.

Crude oil prices have slumped over the last month. OPEC+ adjusted down its outlook for a global surplus this year. The dollar rose on the news. But the oil markets refused to play along, making gains despite the seemingly bearish factors. The crude, priced in U.S. dollars, becomes more expensive.

OPEC+ agreed to adjust its production targets up by a small figure of 100,000 bpd for September. 100% of the group’s production cuts were unwound as of August. One day after the OPEC+ meeting, Saudi Arabia raised the price of its crude oil to all markets.

Saudi Arabia’s price hike for Arab Light for September loading to Asia is now at a record high of $9.80 a barrel over the Oman/Dubai price. OPEC+ To Boost Production Target By 100,000 Bpd In September. Saudi Arabia's price hike is the largest in the history of the region.
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