Oil drilling rigs
Oil prices dropped on Friday, posting weekly losses as investors await the outcome of the OPEC+ meeting tomorrow. This comes amid reports that member states are seeking to accelerate the pace of production increases.
Brent crude futures for July delivery dropped 1.4% to $61.29 per barrel. The US West Texas Intermediate (WTI) crude futures for June delivery also fell 1.6% to $58.29 per barrel. Both contracts recorded weekly losses of 8% and 7.7%, respectively.
OPEC+ members will meet tomorrow to discuss the production policy, Reuters reported, citing informed sources.
The meeting was originally scheduled for next Monday.
According to Bloomberg, OPEC+ members discussed ahead of the meeting tripling the planned production increase for June to 411,000 barrels per day compared to previous plans.
https://www.argaam.com/en/article/articledetail/id/1809731
