Oil prices climbed on Friday on bets that OPEC+ will discuss output cuts at a meeting on Sept 5, though benchmarks were on track for a steep weekly decline as fears of China’s Covid-19 curbs and weak global growth weighed on the market.
Brent crude futures rose $1.68, or 1.8 per cent, to $94.04 a barrel at 0330 GMT, while US West Texas Intermediate (WTI) crude futures jumped $1.66, or 1.9 per cent, to $88.27 a barrel.
Both benchmark contracts slid 3 per cent in the previous session to two-week lows. Brent was headed for a weekly drop of nearly 7 per cent, and WTI was on track to fall about 5 per cent for the week.
