Oil firms on OPEC+ output cut bets to stem sinking prices amid weak growth
MELBOURNE (Reuters) – Oil prices climbed on Friday on bets that OPEC+ will discuss output cuts at a meeting on Sept. 5, but the benchmarks were still on track to post their worst weekly drop in four on fears COVID-19 curbs in China and weak global growth will hit demand.
Brent crude futures rose $1.20, or 1.3%, to $93.56 a barrel at 0117 GMT, while U.S. West Texas Intermediate (WTI) crude futures jumped $1.16, or 1.3%, to $87.77 a barrel.
Both benchmark contracts slid 3% in the previous session to two-week lows. Brent was headed for a weekly drop of nearly 8%, and WTI was on track to fall about 6% for the week.
