Oil futures fell almost 1% on Friday, pressured by expectations that OPEC+ producers will decide this weekend to raise output and an Iranian reaffirmation of its commitment to nuclear non-proliferation, News.az reports citing Investing.
Brent crude futures were down 62 cents, or 0.9%, at $68.18 a barrel by 1118 GMT while U.S. West Texas Intermediate crude fell 62 cents, or 0.93%, to $66.38. Trade was thinned by the U.S. Independence Day holiday.
Both contracts on track for a small weekly gain, with Brent trading about 0.6% higher than last Friday’s close and WTI around 1.3% higher.
Eight OPEC+ countries are likely to make another oil output increase for August at a meeting on Saturday in their push to boost market share. The meeting had been moved forward a day to Saturday.
"If the group decides to increase its output by another 411,000 barrels per day (bpd) in August, as expected, for the fourth successive month, oil balance estimates for the second half of the year will be reassessed and will suggest accelerated swelling in global oil reserves," said PVM analyst Tamas Varga.
Crude prices also came under pressure from a report on U.S. news website Axios, saying that the United States was planning to resume nuclear talks with Iran next week, while Iranian foreign minister Abbas Araqchi said Tehran remained committed to the nuclear Non-Proliferation Treaty.
