Oil up on tight supply, focus turns to OPEC+ meeting

Oil prices soared on Friday as attention turned to next week’s OPEC+ meeting and lack of supply fears.

Brent crude futures for September advanced $2.23 or 2.1% to trade at $109.37 a barrel.

U.S. West Texas Intermediate (WTI) crude futures rose by $2.15 or 2.23% to trade at $98.59.

Both contracts are set for a second monthly loss, declining by 4.6% and 6.8%, respectively.

The next meeting of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC +, on August 3^rd will be an important factor in the market.

Sources in “OPEC +” stated that the bloc would consider keeping the production level unchanged for the month of September, but two sources in the bloc told Reuters that a slight increase in production would be discussed.

A senior official in the US administration said yesterday, Thursday, that the government is optimistic about the OPEC + meeting, adding that the increase in production may contribute to stabilizing the market.