Brent crude futures for September settlement, due to expire on Friday, gained $2.34 to $109.48 a barrel by 0933 GMT for its highest since July 5
U.S. West Texas Intermediate crude futures rose $2.16 to $98.58 a barrel.A weaker dollar and stronger equities also lent support on Friday. A fall in the dollar makes oil cheaper for buyers with other currencies.
“It certainly feels like we are back in trade-off mode again, where sentiment is shifting between recessionary risks in H2 and a fundamentally undersupplied market,” said Stephen Innes, managing partner at SPI Asset Management. “The oil market in Europe is considerably tighter than in the U.S., which is also reflected in the sharply falling Brent forward curve,” said Commerzbank analyst Carsten Fritsch.
OPEC+ sources said the group will consider keeping oil output unchanged for September, with two OPEC+ sources saying a modest increase would be discussed.
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