Oil prices fell over a two-day period, heading for a weekly decline as market participants await the upcoming OPEC+ meeting, where the group may approve another increase in supply.

Oil prices rose more than 1% on Wednesday, building on gains from the previous session, as markets responded to a combination of geopolitical and economic signals.

Oil prices increased for a third consecutive day as traders evaluated supply risks in the Middle East, following expectations of a retaliatory strike by Israel against Iran after Tehran's missile barrage earlier this week.

The International Energy Agency (IEA) has reported a significant slowdown in global oil demand growth, driven largely by a cooling Chinese economy. This has resulted in oil prices falling to their lowest level in three years.