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Oil price and OPEC+ meeting

West Texas Intermediate (WTI) crude oil has been declining for the third straight day, with prices around $77.50 per barrel during Friday's Asian trading session.

Traders are likely anticipating the upcoming meeting of the Organization of the Petroleum Exporting Countries and its allies, including Russia (OPEC+), set for June 2. OPEC+ will begin a series of online meetings at 1100 GMT on Sunday.

According to financial market forecasts, OPEC+ talks on Thursday indicated that the organization is working on a complex deal to be agreed at Sunday's meeting. The deal would potentially allow OPEC+ to extend some of its production cuts beyond 2025.

Dr. Kamaran Qader Yaqub,
Financial Consultant at Investment Spot company. 

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