Oil prices fell on Friday due to the release of hostages in Gaza, but prices gained their first week of gains in over a month ahead of the OPEC+ meeting to decide on production cuts in 2024.
Brent crude futures settled down 84 cents at $80.58 a barrel, while American West Texas Intermediate crude fell $1.56 from Wednesday’s close to $75.54.
The first group of hostages freed from captivity in Gaza returned to Israel on Friday, marking the first day of a planned four-day truce.
OPEC+ prepared for a meeting with output cuts high on the agenda, following recent oil price declines due to demand concerns and burgeoning supply, particularly from non-OPEC producers.
The meeting, scheduled for Thursday, could put traders’ minds somewhat at ease. A bright spot came in China’s near-term economic outlook, with recent data and fresh aid to the indebted property sector potentially positive for the oil market’s near-term trend.
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Oil prices fell on Friday due to the release of hostages in Gaza, but prices gained their first week of gains in over a month ahead of the OPEC+ meeting to decide on production cuts in 2024. Brent crude futures settled down 84 cents at $80.58 a barrel, while American West Texas Intermediate crude fell …<\/p>\n","protected":false},"author":13,"featured_media":77220,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[],"class_list":["post-93137","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/93137","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=93137"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/93137\/revisions"}],"predecessor-version":[{"id":93143,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/93137\/revisions\/93143"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/77220"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=93137"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=93137"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=93137"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}