Oil rises as hopes fade for OPEC+ supply boost – The Peninsula

Oil rises as hopes fade for OPEC+ supply boost – The Peninsula

Doha: Oil prices rose on Friday as attention turned to the upcoming OPEC+ meeting and dimming expectations that the producer group will imminently boost supply.

Brent crude futures contract jumped $2.87 a barrel to settle at $110.01 a barrel. US West Texas Intermediate (WTI) crude futures settled at $98.62 a barrel, rising by $2.20 a barrel.

For the week, Brent futures gained 6.6% while WTI was up by 4.1 percent. Investors will next watch the Aug. 3 meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, together known as OPEC+. Sources said that OPEC+ will consider keeping oil output unchanged for September when it meets next week, despite calls from the United States for more supply, although a modest output increase is also likely to be discussed.

Analysts said it would be difficult for OPEC+ to boost supply, given that many producers are already struggling to meet production quotas.

The OPEC+ group produced almost 3 million barrels per day less crude than foreseen by its quotas in June as sanctions on some members and low investment by others crippled its ability to ease the world’s energy crisis. Asia Spot Prices Jump on Further Nord Stream Cuts

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