Oil prices rise ahead of OPEC+ meeting

Oil prices rise ahead of OPEC+ meeting
Oil prices rise ahead of OPEC+ meeting

Brent crude futures rose 66 cents to trade at $93.02 a barrel.

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By Stephanie Kelly

NEW YORK – (Reuters) – Oil prices closed higher on Friday on expectations that OPEC+ will discuss production cuts at a meeting on Sept. global hover over the market.

Brent crude futures rose $0.66 to $93.02 a barrel, while US oil futures edged up $0.26 to $86.87 a barrel.

Both benchmarks dropped 3% to two-week lows in the previous session. Brent showed a weekly drop of 7.9%, and WTI of 6.7%.

A weekly chart shows US oil futures topped last week’s high and has since retreated and closed below last week’s closing level. That’s a bearish sign, according to Eli Tesfaye, senior market strategist at RJO Futures in Chicago.

“When you take a week high and a week low and then close lower, that’s a reversal down — it’s a sign that there’s weakness, and that’s telling you it’s a weak market,” he said.

OPEC+ is expected to keep oil production quotas unchanged for October at Monday’s meeting, three OPEC+ sources said, although some sources do not rule out an output cut to bolster prices that have fallen from the all-time highs reached earlier this year.

(Reporting by Stephanie Kelly in New York; with additional reporting by Noah Browning in London, Sonali Paul in Melbourne and Jeslyn Lerh in Singapore)

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The article is in Portuguese

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