Oil was on track for a second weekly decline ahead of an OPEC+ meeting on output policy that’s expected to lead to another supply hike.
West Texas Intermediate was steady below $61 a barrel after dropping 1.5% on Thursday. Brent closed lower near $64. A sub-group led by Saudi Arabia is set to meet on Saturday to decide on July production levels, with preliminary talks last week discussing a third consecutive supply increase.
The revival of idled output by OPEC and its allies at a faster-than-expected pace has raised concerns around a looming glut and helped to drag oil lower. Fears over a global economic slowdown due to President Donald Trump’s tariffs and retaliatory measures has also put pressure on prices.
US crude stockpiles, meanwhile, shrunk by 2.8 million barrels last week, the most in about two months, according to data from the Energy Information Administration on Thursday. Gasoline inventories also declined.
Also Read: Asian stocks set for weak start as US gains fade
West Texas Intermediate was steady below $61 a barrel after dropping 1.5% on Thursday. Brent closed lower near $64. A sub-group led by Saudi Arabia is set to meet on Saturday to decide on July production levels, with preliminary talks last week discussing a third consecutive supply increase.
The revival of idled output by OPEC and its allies at a faster-than-expected pace has raised concerns around a looming glut and helped to drag oil lower. Fears over a global economic slowdown due to President Donald Trump’s tariffs and retaliatory measures has also put pressure on prices.
US crude stockpiles, meanwhile, shrunk by 2.8 million barrels last week, the most in about two months, according to data from the Energy Information Administration on Thursday. Gasoline inventories also declined.
Also Read: Asian stocks set for weak start as US gains fade
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