Oil prices rose for a second day on Friday, set for their sixth week of gains, after Saudi Arabia and Russia, the world's second and third-largest crude producers, pledged to cut output through next month.
Both benchmarks were on track for a sixth week of gains, their longest streak of weekly gains this year.
The Joint Ministerial Monitoring Committee of OPEC+ is unlikely to tweak overall oil output policy at the meeting on Friday, sources have said.
But the Saudi Arabian pledge plus comments from Russian Deputy Prime Minister Alexander Novak that it will also cut its oil exports by 300,000 bpd in September have raised concerns about supply and supported prices.
Higher borrowing costs for businesses and consumers could slow economic growth and reduce oil demand.
Persons:
Brent, WTI, Alexander Novak, John Kirby
Organizations:
Brent, U.S, West Texas, Organization of, Petroleum, Ministerial, OPEC, White House, Bank of England
Locations:
Saudi Arabia, Russia, Saudi, OPEC, Russian, United States, U.S