Oil prices rise on hopes OPEC+ will discuss output cuts in next meet
NEW YORK (Reuters) -Oil prices rose on Friday on expectations that OPEC+ will discuss output cuts at a meeting on Sept. 5, though concern over China’s COVID-19 curbs and weakness in the global economy loomed over the market.
Brent crude futures rose 66 cents to settle at $93.02 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose 26 cents to settle at $86.87 a barrel.
Both benchmarks slid 3% to two-week lows in the previous session. Brent posted a weekly drop of 7.9%, and WTI of 6.7%.
A weekly chart shows that U.S. crude futures surpassed last week’s high and have since retreated, and closed below last week’s closing level. That is a bearish signal, according to Eli Tesfaye, senior market strategist at RJO Futures in Chicago.
