Iraq confirms its commitment to OPEC+ deal

Iraqi Ministry of Oil said in a statement today, Friday, that Iraq is committed to the OPEC+ agreement regarding determining production levels.

Oil prices rose during Friday’s trading, but they are heading towards recording the third weekly loss in a row amid receding fears of conflict in the Middle East.

In terms of trading, Brent crude futures rose by about 0.7% to $80.53 per barrel.

US crude futures also rose by 0.6% to $76.17 per barrel.

Both US crude and Brent are heading towards recording weekly losses of about 5.9% and 5.7%, respectively, this week.

These declines constitute the longest series of losses for the two most active contracts since the period from mid-April to early May.