Iraq's Support for OPEC+ Cuts Boosts Oil Prices, but Weekly Declines Continue Amid Demand Concerns

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Written By Jennifer Joslyn

Oil prices rose by approximately 2% as Iraq expressed support for OPEC+'s oil production cuts ahead of an upcoming meeting. This, coupled with some speculators covering their short positions, contributed to the increase. However, despite the Friday gain, oil prices ended the week with their third consecutive weekly decline, down by 4%. Concerns about demand, weak Chinese economic data, and expectations of a potential extension of Saudi Arabia's output cut into the first quarter of 2024 weighed on the market.

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Jennifer Joslyn
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