Oil prices are on their way to the second weekly loss before the "OPEC+" decision

Oil prices tend to take the second weekly loss in a row before an upcoming OPEC+Alliance meeting at the production policy, which is expected to lead to a new increase in supplies. Brent oil dropped below $ 64 a barrel after falling 1.2% on Thursday, while West Texas Raw traded nearly $ 61. A group of producers, including Saudi Arabia, are scheduled to hold a meeting on Saturday to determine the levels of July production, after the initial talks dealt with a third consecutive supplies last week. “Investors are eagerly awaiting the OPEC+ meeting on Saturday to know the extent of the expected increase in production,” said Priyanka Sashdiva, the main market analyst at the brokerage company “Philip Nova” in Singapore. She added: “The oil markets need to prepare for more fluctuations while weighing the risks to landing.” Fear of a glut in the offer, the resumption of production broken by ‘OPEC+’ faster than expected, the fear of a vulnerable to the offer, which contributed to the pressure on prices. Fear of a global economic slowdown as a result of customs duties imposed by President Donald Trump and the corresponding retaliation measures also strengthened the pressure on oil prices. Although the large -scale duties that Trump imposed have shaken the world markets, they are now facing legal challenges, as a US commercial court this week ruled that some of these fees are illegal, while a federal appeal grants a temporary deadline before the decision is implemented. In collaboration with this, US crude shares fell by 2.8 million barrels last week, which is the largest decline in about two months, according to the energy information administration released on Thursday. Petrol supplies have also decreased.