MELBOURNE : Oil prices climbed on Friday on bets that OPEC+ will discuss output cuts at a meeting on Sept. 5, but the benchmarks were still on track to post their worst weekly drop in four on fears COVID-19 curbs in China and weak global growth will hit demand.Brent crude futures rose $1.20, or 1.3 per ce
MELBOURNE : Oil prices climbed on Friday on bets that OPEC+ will discuss output cuts at a meeting on Sept. 5, but the benchmarks were still on track to post their worst weekly drop in four on fears COVID-19 curbs in China and weak global growth will hit demand.
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. OPEC+ this week slashed its demand outlook, now forecasting demand to lag supply by 400,000 barrels per day in 2022, but it expects a market deficit of 300,000 bpd in its base case for 2023.
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