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.

When OPEC+ ministers meet this weekend, they confront the unpalatable choice: continue to curb oil-supplies well into 2025, or risk a renewed price slump.

Crude production from Iraq, Kazakhstan, and Russia has declined in compliance with OPEC+ production cuts, supporting a modest near term upside to Brent prices, Goldman Sachs said.

Oil prices fell after a U.S. inventory report showed a gasoline stockpile increase, with traders waiting for OPEC+'s decision on production cuts.

OPEC+ has few options when it comes to bringing back the oil production capacity it has been keeping off the market, according to some of the world’s top energy trading houses.