Oil prices rose steadily in Asian trading on Friday, July 29. This was helped by supply concerns as attention shifted to the next OPEC+ meeting, although fears of a recession are holding back gains.

This was reported by Reuters.

U.S. West Texas Intermediate (WTI) crude futures for September delivery rose 0.4% to $96.80 a barrel, offsetting losses from the previous session. The weekly gain is nearly 3% for the week. September Brent crude futures, which expire Friday, were unchanged at $107.14 a barrel. The more active October contract was up 0.1%, to $101.91.

"We're back in compromise mode as sentiment shifts between recession risks in the second half of the year and fundamental supply shortages in the market," said Stephen Innes, managing partner at SPI Asset Management.

A key factor will be the next meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies, led by Russia, under the general name OPEC+, on August 3.

Producers have now reversed a record 9.7 million bpd supply cut they agreed to in April 2020, when demand plummeted because of the COVID-19 pandemic.

"Oil prices have little chance of (incurring) deep losses amid a weak U.S. dollar and an ongoing supply crisis," said CMC Markets analyst Tina Teng.

Oil rose more than $1 a barrel on July 28. It was promoted by improvement of investors' inclination to risk after the US Federal Reserve's decision on rates.