Crude oil prices rose by more than 1% on Friday, slightly recovering from their four-month lows, ahead of the meeting of the Organization of the Petroleum Exporting Countries and its partners (OPEC+) on Sunday. Investors’ concerns of oversupply were eased after the organization’s
Secretariat denied reports of planned output hikes during the upcoming meeting. Investors also digested the recent fire that broke out at Chevron’s oil refinery in California, which is one of the largest refineries on the United States’ west coast.
The West Texas Intermediate (WTI) for November’s settlements climbed by 1.46% at 4:59 am ET, going for $61.37 per barrel. Meanwhile, Brent’s deliveries for the same month advanced by 1.36% at 5:00 am ET to $64.98 per barrel.