Oil prices were on track for their first weekly gain in five on Friday, supported by a weaker dollar and the prospect of OPEC+ agreeing to cut crude output when it meets on Oct. 5.
Brent crude for November, which expires on Friday, was up 95 cents, or 1.07%, at $89.44 a barrel by 0948 GMT. The more active December contract was up 81 cents at $87.99.
U.S. West Texas Intermediate (WTI) crude futures rose 72 cents, or 0.89%, to $81.95.
Brent and WTI were up more than $1 earlier in the session and are expected to gain about 4% on a weekly basis. It would be the first weekly gain since August and follow a nine-month low hit earlier in the week.
The dollar fell from a 20-year high earlier this week, supporting oil prices. A weaker dollar makes dollar-denominated oil cheaper for buyers holding other currencies, boosting demand for the commodity.
Analysts also expect increased purchases as Russia prepares to annex four Ukrainian territories to Russia on Friday, a move that could force the United States to tighten sanctions on Russia.
The prospect of the Organization of the Petroleum Exporting Countries (OPEC) and its allies cutting production quotas at their Oct. 5 meeting provided fresh support for the market.
Analysts expect the cut as demand concerns related to a potential slowdown in the global economy and rising interest rates weigh on crude prices.
Brent and WTI prices could end the third quarter with a massive 23% drop.
“The producer group has lost control of the oil market in recent weeks and wants to reassert its influence,” said Stephen Brennock of oil broker PVM, adding that OPEC+ leadership Will want to maintain a price floor of $90 a barrel.
“Oil prices are expected to be supported next week,” Brennock said.
(This story has not been edited by NDTV staff and was automatically generated from the syndicated feed.)