Investing.com – Oil prices climbed more than 1% on Friday, with all eyes on OPEC and its allies as they meet in Vienna later on Friday.
Crude Oil WTI Futures for August delivery were trading at $66.44 a barrel at 12:10AM ET (04:10 GMT), up 1.4%. Brent Oil Futures for August delivery, traded in London, were also up 1.3% at $73.96 per barrel.
Meanwhile, Shanghai Crude Oil WTI Futures for September delivery were down 0.52% at 461.10 yuan per barrel on Friday.
The Organization of the Petroleum Exporting Countries (OEPC), a producer cartel de-facto, is meeting with some non-OPEC members including Russia in Vienna later today to discuss possible crude output hike.
The group started withholding supply in 2017 to prop up prices.
Saudi Arabia and Russia, both of which have the ability to increase production, are opting for a substantial output hike. Meanwhile, countries without spare capacity, including Iraq, Iran and Venezuela, prefer to keep the supply limits in place.
Ahead of the meeting, Saudi Arabian Energy Minister Khalid al-Falih said on Friday that OPEC and non-OPEC members were close to agreeing on a deal to raise oil production.
"The actual decision by OPEC and its partners – which may not actually become apparent until Saturday – is the big one traders are watching," said Greg McKenna, chief market strategist at futures brokerage AxiTrader.
Oil prices were under pressure earlier this week after U.S. President Donald Trump said on Monday that he has ordered the U.S. Trade Representative to identify $200 billion worth of China goods for additional tariffs, escalating a trade dispute between the world’s two largest economies.
It was reported earlier this week that China is considering to impose tariffs on U.S. crude imports. The 25% duty on U.S. crude imports, should it be implemented, could potentially make American oil uncompetitive in China.