Oil Gains Before OPEC+ Meeting

Oil prices climbed on Friday on bets that OPEC+ will discuss output cuts at a meeting on Sept. 5, though fears of China's Covid-19 curbs and weak global growth continued to limit gains and a potential cap on the price of Russian exports loomed.
Brent crude futures rose $1.23, or 1.3%, to $93.59 a barrel, while US West Texas Intermediate crude futures advanced $1.25, or 1.4%, to $87.86 a barrel, Reuters reported.
Both benchmark contracts slid 3% in the previous session to two-week lows. Brent was headed for a weekly drop of nearly 7% and WTI was on track to fall about 5% for the week.
The Organization of Petroleum Exporting Countries (OPEC and allies, together called OPEC+) are due to meet on Sept. 5 against a backdrop of sliding prices and falling demand, even as top producer Saudi Arabia says supply remains tight.
OPEC+ this week slashed its demand outlook, now forecasting demand to lag supply by 400,000 barrels per day in 2022, but it expects a market deficit of 300,000 bpd in its base case for 2023. 
The market is also keeping a lookout for a potential price cap on Russian oil exports.
G7 finance ministers are expected to firm up plans on Friday to impose a price cap on Russian oil aimed at slashing revenue for Moscow's war in Ukraine, but keeping crude flowing to avoid price spikes. Russia calls its actions in Ukraine "a special operation".