Oil prices heading for weekly gain as Opec+ set to meet – The National

Oil prices heading for weekly gain as Opec+ set to meet – The National

Oil prices are heading for their first weekly gain after a volatile month despite the global economy slowing, as demand for crude remains strong and the Opec+ alliance of 23 producers prepares to meet next week to decide future output levels before the expiry of their 2020 reduction pact.

Brent, the benchmark for two thirds of the world's oil, was trading 2.25 per cent higher at $109.5 at 2.49pm UAE time on Friday.

West Texas Intermediate, the gauge that tracks US crude, was up 2.36 per cent at $98.70 a barrel.