Baghdad: Oil prices fell on Friday at the settlement: as the market awaited the OPEC+ meeting tomorrow, Saturday, and the possibility that member countries would decide to increase production. Brent crude futures fell 50 cents, or 0.7%, to settle at $68.30 a barrel. US West Texas Intermediate (WTI) crude also fell 50 cents, or 0.75%, to $66.50. Both crudes achieved weekly gains, with Brent rising 0.8% from the settlement price, and WTI rising about 1.5%.

According to National Iraqi News Agency, eight OPEC+ countries are likely to approve a new increase in oil production in August during a meeting scheduled for tomorrow. This meeting was initially planned for the day after tomorrow, Sunday. The move is part of efforts by OPEC+ countries to boost their market share.