Oil rose above $78 a barrel on Friday, October 1, to be close to a three-year high reached this week, supported by supply shortages due to tight supplies from OPEC+, recovering demand and a weak US dollar.
The Organization of the Petroleum Exporting Countries and its allies, within the framework of the OPEC+ group, meet on Monday.
The group is working to phase out the unprecedented production cuts they adopted last year, but sources say it is considering doing more.
Brent crude rose 41 cents, or 0.5%, to $78.72, heading for its fourth consecutive weekly rise.
And US West Texas Intermediate crude advanced 24 cents to $75.27, and is heading to record the sixth week of gains.
Crude also received support from the dollar’s decline, and the decline of the dollar makes oil less expensive for holders of other currencies, and tends to reflect the increased appetite for risk among investors.