Oil settles down ahead of OPEC+ meeting, posts weekly loss
NEW YORK -Oil prices fell on Friday and posted a weekly loss as investors awaited an OPEC+ meeting on Sunday that will determine the fate of the producer group's output cuts.futures for July delivery were down 24 cents, or 0.3%, to $81.62 a barrel, while the more liquid August contract was down 77 cents, or 0.8%, at $81.11. U.S. West Texas Intermediate crude futures fell 92 cents, or 1.2%, at $76.99.
The oil market has been under pressure in recent weeks over the prospect of U.S. borrowing costs staying higher for longer, which ties down funds and can curb oil demand. Oil prices rose briefly after U.S. government data showed inflation tracked sideways in April, strengthening traders' bets that the Fed would deliver a long-awaited rate cut in September.
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