Market Outlook: The Oil Market Awaits OPEC+'s Decision on Production Increase Delay

As traders monitor developments in the Middle East and await OPEC+'s policy decision next Thursday, oil prices have faced weekly losses of around 3%. Brent crude fell 0.6% to $72.84 per barrel, while West Texas Intermediate traded down 0.15% at $68.62 per barrel.

Israel and Hezbollah have exchanged mutual accusations of violating their ceasefire agreement, which had reduced the risk of broader supply disruptions in the region. Meanwhile, following two weeks of military tension between the two countries, Russia renewed concerns in the market by striking Ukraine's energy infrastructure again.

Still, as worries about a slowdown in global demand growth and expectations of an oversupply next year continue to pressure prices, analysts are waiting to see if OPEC+ will choose to delay its planned production increase once again.