Oil prices climb Friday after a week of downward pressure on both crude and other commodities before the Organization of Petroleum Exporting Countries and OPEC+ allies convene on Monday to expectedly talk about Russian fuel and Chinese lockdowns, reports Bloomberg News.

A barrel of European reference oil Brent is selling 2.1% higher at USD 88.39 against closing trading, while US benchmark crude West Texas Intermediate concurrently trades 2.1% higher at USD 88.39.

Earlier this week, respective prices were USD 102.93 and USD 97.01.

OPEC+’s meeting will address supply issues, with some observers forecasting tighter output quotas in accordance with Saudi Arabia’s expressed interest – a move that would put upward pressure under prices, writes Reuters.

On the other hand, prices slid all week due to concerns about protracted Covid-19 lockdowns in China as well as general global economic fatigue, which would also sap demand.

Meanwhile, a series of nations, especially the US, urge setting a price cap on Russian oil as a part of efforts to curb the warring country’s energy exports and thereby plug cash flows serving to fund the war against Ukraine.

Chair of Russian oil company dies after fall from hospital window

Oil’s rough week ends with rebound on OPEC+ risk, Iran setback

British authorities approve Maersk Drilling, Noble merger