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Oil Prices Rise as Traders Await OPEC+ Meeting

  • Oil reserves

    Oil reserves | Photo: Sputnik

Published 29 July 2022

Oil prices climbed on Friday, notching solid gains for the week.

The West Texas Intermediate for September delivery added 2.2 U.S. dollars, or 2.3 percent, to settle at 98.62 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for September delivery increased 2.87 dollars, or 2.7 percent, to close at 110.01 dollars a barrel on the London ICE Futures Exchange.

 OPEC: Iranian and Venezuelan Oil To Ease Energy Crisis

Traders turned their eyes to the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, as the group is expected to meet next week to discuss future output strategy.

For the week, the U.S. crude standard and Brent rose 4.1 percent and 6.6 percent, respectively, based on the front-month contracts.

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