Oil up on low chances of supply boost

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OIL prices rose in European trading yesterday as attention turned to next week’s meeting of the Organisation of the Petroleum Exporting Countries and its allies (Opec+) and expectations that it will dash US hopes for a supply boost.

Brent crude futures for September settlement gained US$2.34 (RM10.41) to US$109.48 (RM487.23) a barrel by 0933 GMT for its highest since July 5. The more active October contract was up US$2.30 (RM10.24) at US$104.13 (RM463.43).

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