Oil Rises But Demand Fears Arise Ahead Of OPEC+ Meeting – 1 September, 2022

Bets that OPEC+ will discuss output cuts in a meeting next week pushed oil prices higher, though benchmarks were on track for a steep weekly decline as fears of China’s COVID-19 curbs and weak global growth weighed on the market. Brent crude futures rose 1.8% or $1.68 to $94.04 per barrel. U.S. West Texas Intermediate crude futures jumped 1.9% or $1.66 to $88.27 per barrel. Both benchmark contracts fell 3% to two week lows in the previous session. Brent was headed for a weekly drop of nearly 7%, and WTI was on track to fall about 5% for the week. The Organization of the Petroleum Exporting Countries and allies, together called OPEC+, are due to meet on Sept. 5 against a backdrop of sliding prices and falling demand, even as top producer Saudi Arabia says supply remains tight.