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Oil Futures Settle Sharply Higher For The Day, But Post Second Straight Weekly Loss

Crude oil prices rose sharply on Friday, rebounding from recent sharp losses, but still posted a loss for the week.

The focus was on the supply levels and the upcoming OPEC+ meeting.

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

West Texas Intermediate Crude oil futures for August ended higher by $3.35 or about 3.2% at $107.62 a barrel. WTI futures shed about 1.8% in the week, sliding for a second straight week, after seven successive weeks of gains.

Brent crude futures were up $2.89 or 2.63% at $112.94 a barrel a little while ago.

At the OPEC+ meeting, due to take place 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.

A report from Baker Hughes said the oil and gas rig count in the U.S. rose 13 to 753 in the week to June 24, its highest since March 2020.

The report said total rig count was up 283, or 60%, over this time last year.

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