Oil prices fall slightly as OPEC+ set to increase output, with concerns over global reserves

Oil futures slipped slightly in thin holiday trading on Friday as the market anticipates the OPEC+ meeting this weekend. Brent crude settled down 50 cents at $68.30 a barrel, while U.S. WTI crude fell 50 cents to $66.50. Eight OPEC+ countries are expected to increase oil output by 411,000 bpd in August, potentially impacting global oil reserves. Investors are cautious about potential production increases and are closely watching U.S. President Trump’s tax and spending cuts. Crude prices were also affected by reports of U.S. planning to resume nuclear talks with Iran. Uncertainty over U.S. tariff policy remains a concern.

Read more at Yahoo Finance: Oil falls slightly ahead of expected OPEC+ output increase