Oil prices fell to end the week slightly lower, as investors awaited the upcoming OPEC+ meeting on Sunday.

Brent crude futures for July delivery fell by 24 cents, equivalent to 0.3%, to settle at $81.62 per barrel.

In contrast, Brent crude futures for August delivery saw a larger decline; It fell 77 cents, equivalent to 0.8%, to reach $81.11 per barrel.
As for US West Texas Intermediate crude, it faced a more severe decline. Futures contracts fell by 92 cents, equivalent to 1.2%, to settle at $76.99 per barrel.

Over the past week, Brent crude saw an overall decline of 0.6%, while West Texas Intermediate crude faced a larger loss of 1%.

Informed sources expect that the OPEC+ meeting held today, Sunday, will discuss the possibility of extending the current production cuts until 2025.

These developments come at a time when US Energy Information Administration data showed a rise in US crude oil production during the month of March to its highest level this year.

Despite this, the demand indicator, represented by the production of fuel products, witnessed a slight decline of 0.4%, reaching 19.9 million barrels per day.

Some analyzes indicate that there are pressures facing the oil market during the past weeks due to the possibility of continuing high borrowing costs in the United States. Which may negatively affect the consumption of crude oil.