Oil rises 2% ahead of OPEC+ meeting

Oil drilling rigs

Oil prices rose by about 2% today, Sept.5, amid the possibility that the OPEC+ may decide to reduce crude production to support prices during its meeting, amid escalating energy crisis in Europe and fears of slowing demand by China.

Brent crude was trading up 2.25% at $95.09 a barrel, at 9:08 am Makkah time.

West Texas Intermediate (WTI) crude rose 1.93% to $88.57 a barrel, after recording a loss of 7% last week.

Investors are awaiting the OPEC+ meeting later today in order to determine the oil production levels in October, after Reuters reported, citing sources, that the organization is considering keeping production unchanged or reducing it slightly to support oil prices.

Russia's Gazprom announced last week that it would not resume gas supplies in the Nord Stream pipeline – the main export line to Europe – due to a gas turbine leak, after G7 ministers approved a US-led initiative to cap the price of Russian oil.

Meanwhile, China stepped up restrictions related to COVID-19 with 33 cities subject to partial or complete closure.