Oil prices edged higher on Friday after falling the previous day as U.S. President Donald Trump urged OPEC to lower crude prices, days before the OPEC meeting in Algeria.
Global benchmark Brent crude for November delivery was up 75 cents or 0.95 percent at 79.44 a barrel while U.S. crude oil futures were up 0.71 percent at $70.81 a barrel.
Prices remained supported by concerns of supply shortages amid looming U.S. sanctions against Iran’s petroleum industry, which are set to take effect in November.
Trump on Thursday called on the Organization of the Petroleum Exporting Countries to lower oil prices, saying on Twitter “the U.S. protects the countries of the Middle East, and it was unfair that they continue to push for higher and higher oil prices.”
OPEC and its allies are scheduled to meet on Sunday to discuss how to discuss production increases as U.S. sanctions restrict Iranian exports.