Crude oil prices are trading down more than 1% at the start of trading today, Friday, July 4, the closing session of the week, after OPEC+ decided to advance its meeting by one day, in addition to statements from Iran supporting its commitment to the Nuclear Non-Proliferation Treaty and the resumption of nuclear talks with the United States. US crude (NYMEX) is down about 1.01%, trading at $66.36 per barrel, while Brent crude is trading at $68.20 per barrel, down about 1.05%.
Oil markets are awaiting the decision of OPEC and its allies, independent producers outside the organization, led by Russia, at their meeting, which has been advanced to tomorrow, Saturday, instead of Sunday. There are expectations of a new production increase for the organization’s eight major members in August for the fourth consecutive month. The increase is expected to be similar to July’s, at 411,000 barrels per day, bringing the total increase since the beginning of the year to 1.78 million barrels per day. Barclays Bank, in its latest forecast, raised its Brent crude oil price forecast by $6, citing improved demand expectations to $72 per barrel this year and a decline in geopolitical tensions in the Middle East. The bank also raised its forecast for US demand growth by 130,000 barrels.