WASHINGTON (dpa-AFX) - Crude oil prices rose sharply on Friday amid uncertainty that supply from the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, is unlikely to move up any significantly.
The recent data from the Energy Information Administration (EIA) showing crude inventories in the U.S. fell by 4.5 million barrels in the week ended July 22nd, continued to contribute to the rise in oil prices.
West Texas Intermediate Crude oil futures for September ended higher by $2.20 or about 2.3% at $98.62 a barrel.
WTI crude futures gained 4.1% in the week, but posted a monthly loss of about 6.8%.
Brent crude futures were up $2.15 or 2.1% at $103.98 a barrel a little while ago.
The OPEC+ is set to meet on August e to consider crude output level. According to reports, the group is likely to keep its output unchanged in September.
Also, with several members of the group struggling to meet production quotas, chances of OPEC+ boosting oil supply look very unlikely.
The dollar's weakness following comments from Fed Chair Jerome Powell that the central bank will likely slowdown the pace of interest rate hikes supported oil prices.
Demand for the greenback dropped after data showed a contraction in U.S. GDP for a second successive quarter.
Meanwhile, a report from Baker Hughes showed rigs drilling for gas in the U.S. rose by 2 to 157 in the week to July 29. Oil rigs rose by six to 605, the data showed.
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