Crude Set To End The Week Below $98

Brent crude oil was set to finish the week below $98 as a supply glut and a stronger dollar both weighted on prices.

The commodity traded at $97.58 at 9:30 GMT while investors kept a close eye on OPEC as the group decided whether or not to cut supplies in order to boost prices above $100.

Both Europe and China are struggling to get their economies back on track, which is creating sluggish demand during a time when oil production is ramping up. CNBC reported that the Organization of Economic Cooperation and Development reduced its growth forecast for developed economies, a signal that the global economy is not on a firm path to recovery yet.

The organization trimmed its forecast for 2014 from 1.2 percent to 0.8 percent to reflect struggles in several of the world's largest economies.

Meanwhile, a stronger dollar continued to drag crude prices down after the US Federal Reserve surprised investors this week with details of its rate hike plans.

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Although the bank didn't give markets what they wanted, more details about the timing of the rate hike, the Fed did outline its plans to increase rates once the bank started to tighten. The plan surprised as it showed that the bank was planning to raise interest rates more quickly than anticipated once the initial rate hike takes place.

Moving forward, investors will be keeping a close eye on the situation in the Middle East as the conflict there has the potential to drive prices higher.

Although the region's oil exports have remained largely unaffected by the conflict, any escalation will likely support crude prices.