Oil price can show the weekly gain as volatility grew to the highest level in almost two months due to unclear picture of future supply and result of trade conflict between the US and China, Bloomberg reports.

Futures in New York are close to show 1,6% increase. Volatility grew by 8% this week. Investors evaluate production decline in Iran and Venezuela ahead of OPEC’s meeting next week. Trade conflict between two largest economies in the world continues putting pressure on the market.

Oil price already gained 6% from low level in August, as threat of US sanctions made buyers of Iranian oil to refrain from importing oil from this country. Recent data also showed slower increased in the US production and reduction in inventories.

Meanwhile, investors are awaiting for OPEC’s meeting on September 23, when it becomes clear whether the organization will raise output or not.

Analytics assume that taking into account multiple factors that influence oil prices today, market volatility will remain high.

WTI futures with October delivery increased to $68,91 per barrel. Brent with November delivery is traded for $78,30 per barrel after losing 2% on Thursday. Growth of price for this oil benchmark this week was 1,9%.