Oil prices rose by more than two dollars a barrel in Friday’s session, with attention shifted to the OPEC + meeting next week, and expectations that The group of producers will boost supplies soon.
Brent crude futures for September delivery rose $2.87, or 2.7 percent, to settle at $110.01 a barrel, bringing monthly increases to 0.9 percent, while the weekly increase was recorded at 6.6 percent.
The most active contract for October delivery increased by $2.14, or 2.1 percent, at $103.97, according to Archyde.com.
While US West Texas Intermediate crude rose $2.20, or 2.3%, to reach $98.62, an increase of 4.1% during the past week, compared to a monthly loss of more than 6% in July.
Oil prices were boosted by the rise in stock markets and the decline in the dollar index, which makes oil less expensive for buyers of other currencies.
The Russian Interfax news agency quoted a source familiar with the data as saying that the rate of production shortfall in OPEC + jumped to 320 percent in June from 256 percent in May and 220 percent in April.
It also stated that the OPEC + group’s production shortfall from planned levels amounted to 2.84 million barrels per day last month.
Most of the OPEC producers have suffered from a chronic underinvestment due to falling prices in recent years as well as pressure on investors to abandon fossil fuels and find alternative sources of energy.
Eight sources said OPEC+ would consider keeping production unchanged in September when it meets next week, despite calls from the United States for more supplies, but the meeting is also likely to discuss a slight increase in production.