Ahead of the OPEC+ meeting, oil prices recorded their largest weekly decline in a month. Brent crude futures settled at $61.29 a barrel while U.S. West Texas Intermediate (WTI) crude futures settled at $58.29 a barrel on friday.

Although #oil prices declined on the last day of the week, they recorded growth for the fourth consecutive week, driven by relatively optimistic #economic data from #China, as well as rising expectations of oil supply disruptions following U.S. sanctions on Russia’s crude oil trade.

Oil prices declined due to concerns over a supply glut and reduced demand next year, despite the extension of OPEC+ production cuts.

Following the announcement of a ceasefire between Israel and Hezbollah and analysts’ forecasts of increased supply in 2025, oil prices declined this week despite the onset of tensions in Syria.

Although oil prices ended the week on an upward trend, they experienced a noticeable decline on Friday due to reduced concerns about the impact of Hurricane Rafael on oil and gas infrastructure in the U.S.

Despite a slight dip on Friday, oil prices rose for a second straight week on tensions in the Middle East and fears of a widespread supply disruption.

Oil prices dipped on Friday but poised to record a second consecutive weekly gain, driven by a significant reduction in U.S. interest rates and decreasing global stockpiles.

Oil prices were on a sharp weekly decline on Friday as demand concerns in China and US outweighed a delay to supply increases by OPEC+ producers.

Despite gains on Thursday and Friday, oil prices have faced downward pressure throughout the week on fears of a slowdown in economic growth in China.