Oil up over $2 per barrel

Oil prices settled up more than $2 a barrel on Friday as attention turned to next week's OPEC+ meeting and dimming expectations that the producer group will imminently boost supply.

Brent crude futures contract for September, which expire on Friday, jumped more than $3 a barrel during the session and then pared gains to settle at $110.01 a barrel, up $2.87, or 2.7 per cent. The more active October contract was up $2.14, or 2.1 per cent, at $103.97.

US West Texas Intermediate (WTI) crude futures settled at $98.62 a barrel, rising $2.20, or 2.3 per cent, after jumping more than $5 a barrel.

Both contracts logged their second monthly losses, with Brent down about 4 per cent for July and WTI nearly 7 per cent lower.

Oil pared some gains after the release of data from oil services firm Baker Hughes, which showed that US drillers added crude rigs for a record 23 months in a row, indicating more supply ahead.