Oil prices edged lower on Friday, extending losses from the previous session as easing geopolitical tensions in the Middle East reduced the market’s risk premium.

Oil prices stabilized following a two-day rally as OPEC+ agreed to a modest increase in supply quotas, while traders weighed the impact of Saudi Arabia’s lower-than-expected crude pricing.

Oil prices rose by more than 1% on Monday after OPEC+ revealed a smaller-than-anticipated production increase for November.

Oil is poised for its sharpest weekly fall since late June, as markets brace for the upcoming OPEC+ meeting where members are expected to approve the return of more idled barrels, intensifying worries about potential oversupply.

Oil prices edged lower on Friday, heading for a monthly loss as markets weighed concerns over a potential supply glut and geopolitical tensions.