Oil prices fell on Friday as traders anticipated that OPEC+ would decide to increase oil production in July beyond earlier expectations during its meeting on Saturday. Brent crude futures settled down 0.9% at $62.78 a barrel, while U.S. West Texas Intermediate(WTI) crude finished down 0.25% at $60.79 a barrel.

Oil prices rose on friday. Brent crude futures settled at $64.78 per barrel, up 34 cents, while U.S. West Texas Intermediate (WTI) crude futures ended at $61.53, also up 33 cents.

Oil settled higher, marking a second consecutive weekly gain amid easing U.S.-China trade tensions. However, expectations of increased supply from Iran and OPEC+ capped further price gains.
Brent crude futures settled up 88 cents, at $65.41 per barrel, while U.S. West Texas Intermediate (WTI) crude futures rose 87 cents, to close at $62.49. The benchmarks recorded weekly gains of 1% and 2.4%, respectively on friday.

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.