Oil prices up nearly $3/bbl as chances of OPEC+ supply boost dim | Reuters

Oil prices up nearly $3/bbl as chances of OPEC+ supply boost dim | Reuters

Oil prices rose nearly $3 a barrel on Friday as attention turned to next week's OPEC+ meeting and dimming expectations that the producer group will boost supply.

Brent crude futures for September settlement, due to expire on Friday, gained $2.79, or 2.6%, to trade at $109.93 a barrel by 12:10 p.m. EDT (1710 GMT) after touching their highest since July 5. The more active October contract was up $2.25, or 2.2%,at $104.11.

U.S. West Texas Intermediate (WTI) crude futures rose $2.79, or 3%, to $99.21 a barrel.

Oil pared some gains after the release of data from oil services firm Baker Hughes, which showed that U.S. drillers added crude rigs for a record 23 months in a row, indicating more supply ahead.

The number of rigs drilling for gas in the United States rose by 2 to 157 in the week to Jul 29, while oil-directed drilling rigs rose by 6 to 605, the Baker Hughes data showed.