Brent crude settles lower, posts weekly gain

Oil drilling rigs

The global benchmark crude oil price ended Friday lower, as investors awaited the outcome of the upcoming OPEC+ meeting scheduled for the weekend, amid easing geopolitical risks following Iran’s reaffirmation of its commitment to the Nuclear Non-Proliferation Treaty.

Brent crude futures for September delivery fell by 0.70%, or 50 cents, to $68.30 a barrel, though it remained up 0.80% for the week overall.

This came amid weak trading activity due to the US market holiday for Independence Day, and under pressure from reports suggesting that the OPEC+ alliance is planning to approve a production increase of 411,000 barrels per day for August during a meeting set to be held online tomorrow.

Meanwhile, Iranian Foreign Minister Abbas Araghchi confirmed his country’s commitment to the Nuclear Non-Proliferation Treaty, despite a recently passed law that limits Tehran’s cooperation with the International Atomic Energy Agency (IAEA).