Oil Dips Ahead of Expected OPEC+ Output Increase

Oil futures fell slightly on Friday, after Iran reaffirmed its commitment to nuclear non-proliferation.

Meanwhile, major producers from the OPEC+ group are set to agree to raise their output this weekend.

Brent crude futures were down 49 cents, or 0.71 per cent, to US$68.31 a barrel, while U.S. West Texas Intermediate crude fell 41 cents, or 0.61 per cent, to US$66.59.

Trade was thinned by the U.S. Independence Day holiday.

U.S. news website Axios reported on Thursday that the United States was planning to meet with Iran next week to restart nuclear talks, while Iran Foreign Minister Abbas Araqchi said Tehran remained committed to the nuclear Non-Proliferation Treaty.

The U.S. imposed fresh sanctions targeting Iran’s oil trade on Thursday.