WASHINGTON (dpa-AFX) - Oil headed for its first weekly loss in three on Friday amid fears of oversupply and OPEC+ policy uncertainty. A surprise increase in U.S. crude inventories also added to demand concerns.
Benchmark Brent crude futures were little changed at $66.95 in European trading, while WTI crude futures slid 0.1 percent to $63.42.
Traders looked ahead to an OPEC meeting due this weekend, where eight OPEC+ members may consider further raising oil production as part of efforts to regain market share.
OPEC+ has reversed its strategy of output cuts from April and has already raised quotas by about 2.5mn barrels per day, about 2.4 percent of world demand.
Investors were also reacting to EIA data revealing a surprise rise in crude inventories, indicating a potential slowdown in demand for crude oil ahead of the long Labour Day weekend.
Supply risks were also in focus after U.S. President Donald Trump told European leaders on Thursday that Europe must stop buying Russian oil as it helps Moscow fund its war against Ukraine.
Trump also reportedly said in the call of the 'Coalition of the Willing' countries that 'European leaders must place economic pressure on China for funding Russia's war efforts.'
Any cuts to Russia's crude exports or other disruption to supplies could push global oil prices higher.
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