Oil prices are gaining for the first time in weeks

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Oil prices are gaining for the first time in weeks

Oil prices have achieved weekly gains for the first time in over a month in anticipation of the upcoming OPEC+ meeting to discuss production cuts through 2022.

Rise despite Friday’s oil price decline, caused by reduced geopolitical risk premium due to the Gaza truce.

US West Texas Intermediate crude rose by 3.35%, while Brent crude slightly declined by 0.04% over the past week.

On Friday, the settlement price for Brent crude futures contracts decreased by one percent, or 84 cents, to $80.58 per barrel. Similarly, US West Texas Intermediate oil futures dropped by two percent, or $1.56, from Wednesday’s closing price to $75.54.

Due to the Thanksgiving holiday in the United States, there was no settlement for West Texas Intermediate crude on Thursday.

OPEC+ is preparing for a meeting to discuss production cuts after recent declines in oil prices caused by concerns about demand and supply growth, particularly from non-OPEC producers. The weekly increase in oil prices comes at a crucial time ahead of the meeting.