Oil edges higher as report says Biden will depart Saudi Arabia with no announcement on deal to ramp up supply

Oil edges higher as report says Biden will depart Saudi Arabia with no announcement on deal to ramp up supply

Brent crude, the international benchmark, climbed 2% to move above $101 Friday.

Bloomberg reported President Biden is set to leave Saudi Arabia without an announcements on oil production.

Investors are weighing global recession concerns, with fears of a downturn weighing on energy markets.

Oil prices climbed Friday as Bloomberg reported that President Joe Biden won't have a public announcement on oil supply after his trip to Saudi Arabia.

Brent crude, the international benchmark, gained 2.07% to trade above $101, while West Texas climbed 1.70% to $97.54.

Biden had previously promised to turn Saudi Arabia — the world's biggest oil exporter — into a "pariah" over the killing of a Washington Post journalist in 2018, though this week's visit was meant to enlist the country's help to stem soaring energy prices, which have damaged his political prospects.

On Friday, Biden is set to meet with the de facto leader of Saudi Arabia, Crown Prince Mohammed Bin Salam, then meet with other Persian Gulf leaders on Saturday.

According to Bloomberg, it isn't clear there will be any new developments for Biden to announce following the trip regarding updates on energy supplies.

OPEC+ members, including Saudi Arabia, are still facing production constraints from the pandemic, and there are obstacles to ramping