Oil prices fall ahead of OPEC+ supply policy meeting

A pump jack operates in the Permian Basin oil and natural gas production area near Odessa, Texas. (Reuters)

SULAIMANI (ESTA) — Oil prices fell on Monday ahead of an OPEC+ supply policy meeting that may decide whether a recent rally in prices can be sustained.

Brent crude was down 4 cents at $79.24 per barrel by 0531 GMT. It rose 1.5% last week, its fourth weekly gain in a row.

U.S. oil dropped by 7 cents to $75.81 per barrel, after rising for the past six weeks.

Oil prices have been risen amid supply disruptions and recovering global demand, pushing Brent last week to an almost three-year high above $80.

Risk appetite has been “boosted by growing confidence in a strong pick up in global growth … as investors are focused on the upcoming OPEC+ meeting,” Reuters quoted ANZ Research as saying.

The Organization of the Petroleum Exporting Countries (OPEC) and allies in including Russia, a group known as OPEC+, is scheduled to meet later in the day.

OPEC+ is facing pressure from some countries to produce more to help lower prices as demand has recovered faster than expected in certain parts of the world.

The group agreed in July to boost output by 400,000 barrels per day every month until at least April 2022 to phase out 5.8 million bpd of existing cuts.

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