WASHINGTON: 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. “Oil prices have little chance of (posting) deep losses on the back of a weak US dollar and the ongoing supply crunch,” said CMC Markets analyst Tina Teng. Opec+ sources said the group will consider keeping oil output unchanged for September, but two Opec+ sources also told Reuters a modest increase would be discussed. A senior US administration official said on Thursday the government was optimistic about the Opec+ meeting, and said extra supply would help stabilise the market. “Opec production is constrained, though supplies are stabilising in Libya and Ecuador.
