Among expectations about new cuts by the Organization of the Petroleum Exporting Countries (OPEC), oil prices raised.
Oil prices rose on Friday, with Brent crude futures reaching $57.54 a barrel, up 16 cents, or 0.3%, from the previous settlement price. While U.S. West Texas Intermediate (WTI) crude futures were at $52.68 a barrel, up 14 cents, or 0.3 percent, from the previous close.
This coincides with prices receiving some support due to expectations of further production cuts by OPEC and its allies (OPEC +), despite concerns about the long-running trade dispute between the US, while China are holding back gains.
Saudi Arabia, the world’s biggest oil exporter, has invited other producers to consider the recent drop in crude prices, Reuters news agency said.
Brent exceeds $ 57 and WTI futures are up 14 cents.
Global financial markets have been affected over the past week, after US President Donald Trump said he would impose a 10 percent tariff on more Chinese goods from September, as the yuan’s decline sparked concerns about a currency war.
Washington is delaying a decision on licenses for US companies to resume working with Huawei Technologies, Bloomberg reported.
Meanwhile, a Saudi oil official said: “Saudi Arabia, the largest crude producer in OPEC, plans to keep its crude oil exports at less than seven million barrels per day in August and September, to restore balance to Market and contribute to the reduction of global oil stocks.
The UAE’s Energy Minister, Suhail Al-Mazroui said that the UAE would continue to support measures to balance the oil market, adding that the joint ministerial monitoring committee of OPEC and non-OPEC producers would meet in Abu Dhabi on September 12, to review the situation in the oil market.