Oil prices were mixed on Friday following very volatile market trading during the week ending July 1 on fears of a global economic slowdown, the G7's move to cap Russian oil prices and uncertainty over the OPEC+ output policy for the coming months.

Brent crude was trading at $111.40 per barrel at 1111 GMT on Friday, posting a 1.3% decline from the Monday session that opened at $112.92 a barrel.

American benchmark West Texas Intermediate (WTI) registered at $107.91 per barrel at the same time on Friday, increasing 0.6% relative to the opening price of $107.22 a barrel on Monday.

Oil prices started the week on an upward trajectory as G7 leaders discussed options on capping Russian oil prices to tackle inflation while cutting dependence on Russian oil and keeping markets well supplied at the same time.

At the G7 summit, leaders are also expected to discuss negotiations on the Iran nuclear deal. Markets expect that Iran will start oil exports again.

However, oil prices retreated mid-week with fears of a global economic slowdown, with slower growth expected in the US economy this year. The Fed's aggressive tightening cycle has raised fears of a push towards a recession in the American economy.

Heightened anguish of an economic recession and a global economic slowdown throughout the week pushed prices lower, fueling lower demand prospects.

Meanwhile, the world's biggest oil producers at the OPEC+ meeting on Thursday agreed to adhere to the current plan of increasing output by 648,000 barrels per day (bpd) in August, which they said was 'in view of current oil market fundamentals and the consensus on its outlook.'

However, uncertainty over the group’s policy in the coming months also weighed on prices.

By Ebru Sengul Cevrioglu

Anadolu Agency

energy@aa.com.tr