Oil steady as market weighs tight supply against recession fears
Oil prices were steady to higher in Asia trade on Friday, lifted by supply concerns as attention turns to the next meeting between OPEC and its allies, though fears of recession capped gains, News.Az reports citing Reuters.
U.S. West Texas Intermediate (WTI) crude futures for September delivery rose 38 cents, or 0.4%, to $96.80 a barrel by 0330 GMT, reversing losses from the previous session and on track for a nearly 3% rise for the week.
Brent crude futures for September settlement, due to expire on Friday, were flat at $107.14 a barrel. The more active October contract climbed 8 cents, or 0.1%, to $101.91.