Oil prices rise, but set for third week of losses; OPEC meeting looms
Investing.com — Oil prices rose Friday, finding some support as a difficult week comes to end, as market attention turns to a key meeting of OPEC and its allies later this month.
By 09:35 ET (13.35 GMT), the U.S. crude futures traded 1% higher at $76.52 a barrel, while the Brent contract climbed 1% to $80.84 a barrel.
However, both contracts are on course to fall about 5% on the week, which would be the third straight week of steep losses.
The crude market has received some help from comments from the Saudi energy minister, when he suggested on Thursday that oil demand remains healthy and that the move lower in oil prices has been driven by speculators rather than fundamentals.
He added that increased exports from the Middle East does not reflect increased output, but rather a seasonal trend as stronger summer demand in the Middle East eases.
The Organization of the Petroleum Exporting Countries and allies led by Russia, or OPEC+ as the group is known, meet on Nov. 26 to set production policy, and focus will be on whether Saudi Arabia extends a 1 million barrel-per-day voluntary cut set to expire at the end of this year.
Crude prices saw a series of steep losses this week, following a string of disappointing economic readings from top importer China, as well as the euro zone.
Hawkish signals from Federal Reserve officials also weighed, especially as the dollar rebounded on renewed expectations of U.S. interest rates remaining higher for longer. Fed Chair Jerome Powell reiterated this outlook when speaking on Thursday, and also warned that rates had more room to rise.
This was also accompanied by data showing a massive weekly jump in U.S. crude stockpiles, as domestic production ramped up.
Crude markets have also
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