SINGAPORE :Oil prices were steady to higher in Asia trade on Friday, lifted by supply concerns as attention turns to the next meeting between OPEC and its allies, though fears of recession capped gains.
"It certainly feels like we are back in trade-off mode again, where sentiment is shifting between recessionary risks in H2 and a fundamentally undersupplied market," said Stephen Innes, manageing partner at SPI Asset Management. "Oil prices have little chance of deep losses on the back of a weak U.S. dollar and the ongoing supply crunch," said CMC Markets analyst Tina Teng.
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