Oil prices stable as traders await Opec meeting

Singapore — Oil prices were little changed during Asian trade on Friday, though were headed for their first weekly gain in five weeks, underpinned by a weaker US dollar and the possibility that Opec+ may agree to cut crude output when it meets on October 5.

“A deteriorating crude demand outlook won't allow oil to rally until energy traders are confident that Opec+ will slash output at the October 5 meeting,” Edward Moya, senior analyst with Oanda, said in a client note.Both Brent and WTI are however on track to rise by about 3% for the week, their first weekly rise since August, after hitting nine-month lows earlier in the week.

WTI is set to fall by 9.3% in September, also its fourth monthly decline, and it dropped by 23% during the quarter, the first quarterly slump since the period ending in March 2020 when Covid-19 slammed demand.

Expecting cuts

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