The possibility of OPEC+ extending output cuts caused a slight increase in oil prices in early trade on Friday. However, both Brent crude and U.S. West Texas Intermediate crude were on track for weekly losses, primarily driven by U.S. economic uncertainty and limited crude supply disruptions caused by the Israel-Hamas conflict. Despite the slight gains, both benchmarks were facing declines of 6.3% for Brent and 5.6% for WTI.
Concerns about the impact of potential long-term interest rate hikes on U.S. economic growth, as well as the ongoing conflict in the Middle East, have contributed to the downward pressure on oil prices. The next meeting of OPEC+ is approaching, and there are discussions about the group extending its voluntary output cuts if demand does not improve.
The market is closely monitoring U.S
