Oil prices rose, supported by bets that the “OPEC +” bloc will discuss production cuts at a meeting on the fifth of September, but prices are still about to record the worst weekly decline in four weeks due to fears of imposing restrictions to combat Corona in China and weak global demand growth.
By 01:17 GMT, Brent crude futures rose $1.20, or 1.3 percent, to $93.56 a barrel, and West Texas Intermediate crude futures rose $1.16, or 1.3 percent. to $87.77 a barrel.
And crude contracts fell three percent in the previous session, to their lowest level in two weeks. Brent crude is heading towards a weekly decline of about eight percent, and West Texas Intermediate crude is heading towards a decline of about six percent during the week.
The “OPEC +” bloc, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, is expected to meet on the fifth of September against the backdrop of declining oil prices and lower demand, although Saudi Arabia says that supplies remain limited.