Oil Prices Rebound Ahead Of Next Week's OPEC+ Meet

Oil prices recovered some ground on Friday as the focus shifted to tight supply and next week's OPEC+ meeting.

Benchmark Brent crude futures rose 1.1 percent to $111.29 a barrel, while WTI crude futures were up 1.3 percent at $105.67.

Despite rising concerns over recession, markets expect high demand and tight supply to persist over the summer months.

With regard to the OPEC+ meeting due next week, major producers including Russia are expected to stick to a plan to increase output by 648,000 barrels a day in August.

OPEC+ underproduced its output target by 2.616 million barrels a day in May, according to a report from S&P Global Commodity Insights.

U.S. President Joe Biden will visit the Middle East next month, including Saudi Arabia—where he plans to discuss energy security. OPEC and its allies will hold their next meeting on June 30.

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