Oil Climbs for Sixth Week With OPEC+ Supply Meeting in Focus
- Producer group will meet Monday to discuss output increases
- Broader equity markets and oil rally in tandem on Friday
Operations at an oil drilling platform in the Daqing Oilfield in Daqing, China.
Photographer: Wang Song/Xinhua News Agency/Getty Images
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Oil rose in tandem with equity markets while traders turned their attention to an upcoming OPEC+ meeting that may yield supply increases.
Futures in New York rose 1.1% on Friday. U.S. benchmark crude posted a sixth straight weekly gain, the longest streak of weekly advances since early July. Buzz continued around whether on Monday OPEC will decide to increase output after reviving its production by 360,000 barrels a day in September, according to a Bloomberg Survey.