FX.co ★ Oil Set For Weekly Gain On Tight Supply

Oil prices rose on Friday and were set to end the week higher by around 3 percent after OPEC+ members lined up to support the Saudi suggestion for market intervention to stabilize world oil markets.

Benchmark Brent crude futures jumped 1.1 percent to $100.42 a barrel, while WTI crude futures were up 0.9 percent at $93.35.

Iraq, Algeria, Kuwait, Equatorial Guinea, Venezuela, Libya and Congo all released statements expressing their support after Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said that OPEC might have to curtail production.

"Futures prices don't reflect the underlying fundamentals of supply and demand, which may require the group to tighten production when it meets next month to consider output targets," Saudi Arabia said earlier this week.

Better-than-expected U.S. GDP data released overnight also helped ease fears about a recession and the outlook for demand.

The U.S. GDP has been confirmed at -0.6 percent in Q2, slightly better than the expected figure of -0.8 percent.