Oil Edges Up OPEC+ Meeting Eyed, Global Demand Concerns Weigh

OPEC+'s annual meeting will further discuss a potential hike in crude supply later this week.

Alex Lawler, Reuters

Oil edged up on Aug. 2 ahead of a meeting of OPEC+ producers this week that may not lead to a further boost in crude supply, although concern about a possible global recession limited gains.

OPEC and allies including Russia, known as OPEC+, meets on Aug. 3. Two of eight sources said a modest hike would be discussed, while the rest said a boost was unlikely.

Brent crude was up 31 cents, or 0.3%, to $100.34 a barrel by 11:56 a.m. GMT, while U.S. WTI crude added 40 cents, or 0.4%, to $94.29.

"There's a lot more uncertainty this time around," said Craig Erlam of brokerage OANDA of the OPEC+ meeting. "The decision this week will tell us just how unified the group still is."

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