NEW YORK- Oil prices fell on Friday and posted a weekly loss as investors awaited an OPEC+ meeting on Sunday that will determine the fate of the producer group’s output cuts.
Brent futures for July delivery were down 24 cents, or 0.3 percent , to $81.62 a barrel, while the more liquid August contract was down 77 cents, or 0.8 percent, at $81.11. US West Texas Intermediate (WTI) crude futures fell 92 cents, or 1.2 percent, at $76.99.
For the week, Brent settled down 0.6 percent, with WTI posted a 1 percent loss.
“It’s the trepidation ahead of the OPEC meeting over the weekend,” said Matt Smith, lead analyst at Kpler, referencing the potential for the group to do something unexpected. “It’s widely expected that they’ll roll over the cuts,” he added.
Markets are awaiting the OPEC+ meeting on Sunday, with the producer group working on a complex deal that would allow it to extend some of its deep oil production cuts into 2025, sources told Reuters.
Saudi Arabia invited ministers to gather in person in Riyadt for the June meeting in a last minute change of plans, sources said on Friday. The gathering is still officially scheduled as an online meeting.
US crude production rose in March to its highest level this year, data from the US Energy Information Administration (EIA) showed on Friday, while fuel product supplied, a proxy for demand, fell 0.4 percent to 19.9 million barrels per day.
