Oil prices climbed on Friday on bets that OPEC+ will discuss output cuts at a meeting on Sept. 5, though fears of China's COVID-19 curbs and weak global growth continued to limit gains and a potential cap on the price of Russian exports loomed.
Brent crude futures rose $1.23, or 1.3%, to $93.59 a barrel at 0630 GMT, while U.S. West Texas Intermediate (WTI) crude futures advanced $1.25, or 1.4%, to $87.86 a barrel.
Both benchmark contracts slid 3% in the previous session to two-week lows. 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 (OPEC 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 (bpd) in 2022, but it expects a market deficit of 300,000 bpd in its base case for 2023.
