Oil prices rise as chances of OPEC+ supply boost dim | Reuters

Oil prices rise as chances of OPEC+ supply boost dim | Reuters

Oil prices rose in European trading on Friday as attention turned to next week's OPEC+ meeting and expectations that it will dash U.S. hopes for a supply boost.

Brent crude futures for September settlement, due to expire on Friday, gained $3.06 to trade at $110.20 a barrel by 1325 GMT after touching their highest since July 5. The more active October contract was up $3.44 at $105.27.

U.S. West Texas Intermediate (WTI) crude futures rose $3.54 to $99.96 a barrel.

Both contracts are set for a second monthly loss, however, down 4.1% and 5.7% respectively.

A weaker dollar and stronger equities also lent support on Friday. A fall in the dollar makes oil cheaper for buyers with other currencies.

Global equities (.MIWD00000PUS), which often move in tandem with oil prices, were up on the hope that U.S. monetary tightening would not be as hawkish as initially expected after disappointing growth figures.