West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $61.90 during the Asian trading hours on Thursday. The WTI edges higher as traders remain cautious due to ongoing geopolitical risks.
Oil prices rose significantly on Friday, recovering from the losses suffered the previous day. The price of Brent crude jumped from its previous low of around $2 to $68 per barre, Commerzbank's commodity analyst Carsten Fritsch notes.
According to a Bloomberg survey, OPEC produced 28.55 million barrels of crude oil per day in August, Commerzbank's commodity analyst Carsten Fritsch notes.