Oil Set for Weekly Drop as OPEC+ Considers Another Big Supply Increase
Oil is headed for its first weekly decline in three, as OPEC+ considers another big production increase that could add to a market already facing a glut.
West Texas Intermediate fell near $60 a barrel, down for a fourth session, bringing its weekly loss to nearly 3%. Brent settled above $64. OPEC and its allies are discussing another big output quota increase of 411,000 barrels per day for July, though no deal has been reached, delegates said.
Crude has fallen about 15% this year, hitting its lowest level since 2021 last month, as OPEC+ eases supply curbs at a faster-than-expected pace, just as the U.S.-led trade war is hurting demand. Data this week showed another rise in U.S. commercial oil stockpiles, adding to concerns about a surplus. WTI for July delivery fell 0.8% to $60.72 a barrel as of 7:24 a.m. in Singapore. Brent for July delivery closed 0.7% lower at $64.44 a barrel.
Source: Bloomberg
