Crude Oil: prices jumped almost 3% to above $89 per barrel on Friday, after slipping over 3% in the prior session.
On hopes that OPEC+ will discuss output cuts at a meeting Monday.
However, WTI crude is heading for their worst weekly drop in four and is down more than 30% from this year’s high due to recession worries and concerns over the impact of new COVID lockdowns in China.
On the supply side, investors are closely monitoring progress around efforts in reviving the 2015 nuclear accord, as a potential deal could unlock substantial flows from Iran.
While WTI Crude Oil increased 2.02% to 88.359 USD/Bbl, after tumbling over 3% in the prior session, amid hopes that OPEC+ will discuss output cuts at a meeting Monday.
WTI futures traded over $88 a barrel while Brent crude was near $94.