Oil prices closed on Friday at a three-year high, above USD 78 a barrel, amid expectations that OPEC ministers will maintain a steady pace in increasing supply.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+ meet on Monday to resolve record production cuts made last year.
US West Texas Intermediate (WTI) rose 85 cents to settle at USD 75.88 in its sixth week of gains. Brent crude rose 97 cents, or 1.2% at $79.28, its fourth weekly rise.
Brent crude has risen more than 50% this year, after recording a three-year high of USD 80.75 on Tuesday.
“If OPEC+ sticks to the scenario and delivers only the planned 400,000 BPD increase in November, energy markets will soon see oil prices at USD 90. Any increase below 600,000 BPD should boost prices,” said Edward Moya, senior market analyst at OANDA.
Meantime, OPEC+ is facing pressure from the US and India to produce more to help bring prices down as demand recovered faster than expected.
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