The oil is slightly reduced from the expected Opec+ outputs

Written by Amanda Stevenson

Calgary (Reuters) -Futures declined in delicate trading in holidays on Friday, as the market aspired to the OPEC+ meeting this week and the possibility that member states will decide to raise production.

Brent crude futures settled by 50 cents, or 0.7 %, at $ 68.30 a barrel, while US crude in West Texas decreased by 50 cents, or 0.75 %, at $ 66.50 before ES (1700 GMT). Trade was scattered by the Independence Day holiday in the United States.

Brent settled about 0.8 % of the closure of last Friday and WTI was about 1.5 % above.

Eight OPEC+ countries may have another increase in oil production in August at a meeting on Saturday in pushing it to strengthen its share in the market. The meeting was moved forward daily to Saturday.

“If the group decides to increase its production by another 411,000 barrels per day (BPD) in August, as expected, in the fourth month in a row, oil balance estimates will be re -evaluated for the second half of the year and will suggest a quick swelling in global oil reserves.”

“It seems that there are some profits on fears that OPEC will raise production more than expected,” said Phil Flynn, the chief analyst of the Price Age group.

He added that investors seem to be in the waiting and vision situation, and prepare to respond to OPEC’s move while monitoring the impacts of US President Donald Trump’s huge package of taxes and spending, which was to be signed in a law at a White House party on Friday.

Crude prices were also under pressure from a report on the American news site AXIOS, which said that the United States is planning to resume nuclear talks with Iran next week, while the Iranian Foreign Minister acknowledged that Tehran had been committed to the Nuclear Non -Proliferation Treaty.

Meanwhile, the uncertainty about the US tariff policy in the spotlight as the end of a 90 -day stoppage period has returned to the upper graphics approach.

Six European Union diplomats said on Friday that the European Union negotiations have so far failed to break up in commercial negotiations with the Trump administration and may now seek to extend the current situation to avoid high customs tariffs.

Separately, Barclays said it raised the price of the price of Brent oil by $ 6 to $ 72 a barrel of 2025 and 10 dollars to $ 70 a barrel for 2026 with improved demand expectations.

(I participated in the reports of Amanda Stephenson in Calgary, Robert Harvey in London, Moah Narhayan in New Delhi and Florence Tan in the reports of Singaporedial Arath Somaskhar in the Singer Authority by Emilia Sithoul Matiz, Ceso Numayama and Matthew Lewis)