Oil prices fall ahead of OPEC meeting

Oil prices fell on Friday at the end of the week, as futures contracts for both Brent and WTI crude oil witnessed a decline of 1%, to be traded on the barrel near the levels of 68.00 dollars for Brent and 66.00 dollars for WTI, amid growing fears of global oversupply during the coming period.

The upcoming OPEC meeting and its impact on oil prices

The markets are waiting for the OPEC alliance meeting, the date of which may be advanced from Sunday to Saturday, amid expectations that the alliance will announce an increase in oil production by 411 thousand barrels per day starting next August.

The move comes as part of OPEC's efforts to balance supply and demand, but markets have already started pricing in this decision, limiting its immediate impact on oil price movements.

Are we witnessing a surplus in the oil market soon?

Data and forecasts indicate the possibility of a surplus in the global oil market in the coming months, in light of increased production and slowing demand in some regions, which increases pressure on crude prices and affects trading trends in the short term.

Monitoring the developments of the Iranian nuclear file and its impact on the oil market

At the same time, markets are still closely monitoring the nuclear negotiations between the United States and Iran, as well as global trade files, especially as the deadline set by former US President Donald Trump on July 9 approaches.

Any significant developments in these files may lead to a reshaping of the supply and demand balances in the oil market.

Despite the retreat! Oil prices are heading for weekly gains

Despite the current decline, crude oil prices are on track for slight weekly gains, supported by the positive outlook of some major economies and optimism about the recovery of energy demand in the second half of the year.