Oil prices end the week with a significant decline

On Friday morning, oil quotes are growing slightly, but the asset ends the whole week with a significant decline.

The market was pressured by an increase in oil reserves in the United States this week, as well as a decrease in geopolitical risks amid hopes for a truce between Israel and Hamas.

The current price of Brent oil is $83.60 per barrel.  The average price last week was around $90. North American WTI crude is trading near $79 per barrel after rising to $84.30 last week. Since the beginning of the week, Brent has lost 4.9%, WTI – 5.6%.

This drop in the oil market reinforces expectations that OPEC+ countries will continue to limit production. Most traders and analysts assume that the alliance countries will extend voluntary production restrictions until the end of this year.

In general, traders took a wait-and-see attitude, and the market stabilized. Experts believe that with the WTI price below $80 per barrel, OPEC has every reason to extend the current restrictions on oil production.