Oil prices are falling

Oil prices are falling during trading on Friday and may show a weekly fall, Swissinfo reports.

According to AxiCorp experts, the pressure on the quotations may also be exerted by the seasonal weakening of demand for oil and reports that Iraq may not fulfill its obligations under OPEC+ deal.

The cost of November futures for Brent oil on the London ICE Futures exchange on Friday is $43.73 per barrel, which is $0.34 (0.77%) below the price at the close of the previous session. As a result of trading on Thursday, these contracts fell by $0.36 (0.8%).

Futures for WTI crude oil for October in electronic trading on the New York Mercantile Exchange (NYMEX) by this time traded at $41 per barrel, which is $0.37 (0.89%) below the level of the previous session closing. On Thursday, the value of these contracts decreased by $0.14 (0.34%).

In the meantime, Iraq cannot cut oil production in accordance with its obligations under OPEC+.

Iraqi oil production exceeded the OPEC+ quota this year, and the country has pledged to compensate for the overproduction with stronger production cuts in August and September. However, Baghdad said on Wednesday it could take another two months to meet its commitments.

To recap, in Iraq denied information about the request of OPEC to release the country from restrictions on oil exports.

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