FX.co ★ Oil Prices Rebound Ahead Of Next Week's OPEC+ Meet

Oil prices recovered some ground on Friday as the focus shifted to tight supply and next week's OPEC+ meeting.

Benchmark Brent crude futures rose 1.1 percent to $111.29 a barrel, while WTI crude futures were up 1.3 percent at $105.67.

Despite rising concerns over recession, markets expect high demand and tight supply to persist over the summer months.

With regard to the OPEC+ meeting due next week, major producers including Russia are expected to stick to a plan to increase output by 648,000 barrels a day in August.

OPEC+ underproduced its output target by 2.616 million barrels a day in May, according to a report from S&P Global Commodity Insights.

U.S. President Joe Biden will visit the Middle East next month, including Saudi Arabia-where he plans to discuss energy security. OPEC and its allies will hold their next meeting on June 30.