New York September 30 2022: Oil prices were on track for their first weekly gain in five on Friday, underpinned by the possibility that OPEC+ will agree to cut crude output when it meets on Oct. 5.
Brent crude futures for November, which expire on Friday, fell by 52 cents, or 0.59%, to $87.97 a barrel by 1355 GMT. The more active December contract was down $1.34 at $85.84.
U.S. West Texas Intermediate (WTI) crude futures fell $1.33, or 1.64%, to $79.90.
Both contracts rose by more than $1 earlier in the session but dropped on news that OPEC’s oil output rose in September to its highest since 2020, surpassing a pledged hike for the month, according to Reuters survey on Friday.
The fall also came as European equities pared gains and on a strong U.S. dollar, UBS analyst Giovanni Staunovo said.
While the dollar has dropped from 20-year highs earlier in the week, it rose with early U.S. trading. A stronger greenback makes dollar-denominated oil more expensive for buyers holding other currencies, reducing demand for the commodity.
