Oil Rallies Ahead of OPEC+ Meeting

Oil Rallies Ahead of OPEC+ Meeting
An aerial view shows tugboats helping a crude oil tanker to berth at an oil terminal, off Waidiao Island in Zhoushan, Zhejiang Province, China, on July 18, 2022. CNS photo via Reuters
|Updated:

LONDON—Oil prices climbed 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 continued to limit gains.

Brent crude futures rose $2.01, or 2.2 percent, to $94.37 a barrel by 0900 GMT and U.S. West Texas Intermediate (WTI) crude futures advanced $2, or 2.3 percent, to $88.61.