Oil Prices Head for Second Weekly Loss ahead of OPEC+ Decision
Oil prices are set for a second consecutive weekly loss ahead of an anticipated OPEC+ meeting on production policy, which is expected to result in a further increase in supply.
Brent crude fell below $64 a barrel after falling 1.2% on Thursday, while West Texas Intermediate (WTI) crude traded near $61.
Latest Prices:
WTI Crude $60.64 -0.49%
Brent Crude $63.84 -0.48%
Murban Crude $63.35 -0.30%
Louisiana Light $64.69 +1.70%
Bonny Light $78.62 -2.84%
Mars US $72.21 -1.45%
Gasoline $2.039 -0.97%
Natural Gas $3.543 +0.60%
Producers are scheduled to meet on Saturday to set July production levels, after preliminary discussions last week covered a third consecutive increase in supply.
The faster-than-expected resumption of production disruptions by OPEC+ has raised concerns of a supply glut, contributing to pressure on prices. Fears of a global economic slowdown due to President Donald Trump's tariffs and retaliatory measures have also increased pressure on oil prices.
Although Trump's sweeping tariffs have rattled global markets, they now face legal challenges. A US trade court ruled this week that some of them were illegal, while a federal appeal granted a temporary reprieve before the ruling is implemented.
Meanwhile, US crude inventories fell by 2.8 million barrels last week, the largest decline in about two months, according to Energy Information Administration data released Thursday. Gasoline inventories also declined.
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