Brent crude is trading near $89 per barrel

On Tuesday, oil prices of benchmark brands are moving in different directions near multi-month highs. The price of November futures for Brent crude oil is $88.90 per barrel, the price of WTI futures for October rose to $85.70. 

On Monday, the main trades were not held due to the weekend in the United States, which fell on Labor Day.

High prices for «black gold» are supported by expectations of the extension of measures to reduce oil production by OPEC+ countries. Russian Deputy Prime Minister Alexander Novak announced earlier that Russia and other participants in the oil deal have reached new agreements to reduce supplies to world markets. Details of this agreement will be announced this week.

It is also expected that Saudi Arabia will extend the voluntary reduction of production by 1 million barrels per day for October.

Traders also see signs of a possible slowdown in the US economy as a signal for the end of the cycle of interest rate hikes by the Federal Reserve, which also contributes to optimism in the market.