Oil prices have been under pressure from high interest rates, a strong dollar, and high U.S. oil production. OPEC could extend oil production cuts to support prices.

Crude oil prices have stabilized in recent weeks as traders gear up for a meeting of OPEC and its allies. There are signs that OPEC and its partner oil producing countries will once again put off restoring some output. But at the same time, a cease-fire agreement between Israel and Hezbollah has eased geopolitical risk.

Oil futures fell Friday, booking weekly and monthly losses after a cease-fire this week between Israel and Iran-backed Hezbollah helped soothe remaining worries over a wider conflict that could threaten crude supplies.

Oil prices edged slightly lower on Friday and were on track to record a weekly loss as a ceasefire between Israel and Hezbollah eased geopolitical tensions, while Opec+ postponed its ministerial meeting amid an uncertain demand outlook.