The meeting of the “OPEC Plus” alliance, and its most prominent members Saudi Arabia and Russia, will be held today, Sunday, at 10:00 GMT via video technology, according to what the OPEC secretariat said in a statement. The meeting is expected to take a decision on oil production policy.
There was little change in oil prices on Friday, and it ended the week lower, as it was weakened in volatile trading due to expectations of supply growth at a time when an increase in Corona virus infections may lead to imposing restrictions on public isolation and a decline in demand.
Brent crude futures rose 12 cents, or 0.2%, to $73.59 a barrel upon settlement, while West Texas Intermediate crude rose 16 cents, or 0.2%, to $71.81 upon settlement.
Earlier in the session, the two benchmarks fell more than a dollar a barrel.
Despite limited gains, Brent fell nearly 3% last week, the third consecutive decline for the first time since April 2020. West Texas Intermediate crude fell about 4% in a week, the largest weekly percentage decline since March.
US retail sales unexpectedly rose in June as demand for goods remained strong even as spending shifted back to services, bolstering expectations that economic growth accelerated in the second quarter.
With oil prices mostly rising over the past several months, the number of oil rigs operating in the United States continued its slow increase, adding two rigs this week and bringing the number of rigs to 380, the highest since April 2020, according to energy services company Baker Hughes.
US crude production increased by 300,000 barrels per day over the past two weeks, rising to 11.4 million barrels per day in the week ending July 9, the highest level since May 2020, according to federal data.
OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, had earlier failed to agree.
OPEC said on Thursday that it expects global oil demand to increase next year to nearly pre-pandemic levels of about 100 million barrels per day, led by demand growth in the United States, China and India.