Oil prices fall, Brent crude posts over 8% weekly loss

02/05/2025 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices dropped on Friday, posting weekly losses as investors await the outcome of the OPEC+ meeting tomorrow. This comes amid reports that member states are seeking to accelerate the pace of production increases.

 

Brent crude futures for July delivery dropped 1.4% to $61.29 per barrel. The US West Texas Intermediate (WTI) crude futures for June delivery also fell 1.6% to $58.29 per barrel. Both contracts recorded weekly losses of 8% and 7.7%, respectively.

 

OPEC+ members will meet tomorrow to discuss the production policy, Reuters reported, citing informed sources. 

 

The meeting was originally scheduled for next Monday.

 

According to Bloomberg, OPEC+ members discussed ahead of the meeting tripling the planned production increase for June to 411,000 barrels per day compared to previous plans.

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