Oil gains ahead of OPEC+ meet but fears of slower demand weigh on market

SINGAPORE: 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 percent, to $94.04 a barrel at 0330 GMT, while US West Texas Intermediate (WTI) crude futures jumped $1.66, or 1.9 percent, to $88.27 a barrel.