Oil prices rose today, supported by expectations of a widening supply deficit in the fourth quarter of the year, as well as optimism about a recovery in demand in China.

Reuters reported that Brent crude futures rose five cents, or 0.1 percent, to $93.98 a barrel.

West Texas Intermediate crude futures rose 15 cents, or 0.2 percent, to $90.92 a barrel.

Both crude rose for a third straight week to their highest since November after Saudi Arabia and Russia extended output cuts until the end of the year as part of OPEC Plus plans, and as Chinese refinery output increased supported by strong export margins.

Stopping the U.S. interest rate hike could weaken the dollar, making commodities denominated in the U.S. currency such as oil less expensive for holders of other currencies.

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