Oil edged up today ahead of a meeting of OPEC+ producers this week that may not lead to a further boost in crude supply, although concern about a possible global recession limited gains.
The Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, meets tomorrow.
Two of eight sources said a modest hike would be discussed, while the rest said a boost was unlikely.
Brent crude was up 31 cents, or 0.3%, to $100.34 a barrel this afternoon, while US West Texas Intermediate crude CLc1 added 40 cents, or 0.4%, to $94.29.
"There's a lot more uncertainty this time around," said Craig Erlam of brokerage OANDA of the OPEC+ meeting. "The decision this week will tell us just how unified the group still is."
Oil soared earlier in 2022, with Brent in March coming close to its all time high of $147 a barrel after Russia's invasion of Ukraine added to supply concerns. Concerns about slowing growth have since eclipsed tight supply.
Surveys showed this week that factories across the US, Europe and Asia struggled for momentum in July as flagging global demand and China's strict Covid-19 restrictions slowed production.
"These readings did nothing to mitigate the fears of recession," said Tamas Varga at oil broker PVM.
Casting a cloud over the market are worries that a visit to Taiwan by US Speaker of the House Nancy Pelosi will escalate tensions between the US and China. Stocks slipped and bond yields fell on worries about the visit.
Also coming into view is the latest weekly reading on US inventories. Analysts expect a decline in crude and gasoline stocks.