Oil prices jumped today, Friday, supported by bets that the OPEC+ coalition will discuss production cuts at a meeting held on September 5.

Brent crude futures rose $1.20 or 1.3% to $93.56 per barrel. ‬

West Texas Intermediate crude futures rose $1.16 or 1.3% to $87.77 per barrel.

Crude contracts fell 3% in the previous session to the lowest level in two weeks. Brent crude is heading for a weekly decline of about 8%, while West Texas Intermediate crude is set to fall about 6% during the week.

The OPEC+ coalition, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, is expected to meet on September 5 against the backdrop of falling oil prices and declining demand, although Saudi Arabia says supplies remain tight.