Oil prices fall with expected low demand, upcoming supply boost
Oil prices fell on Friday as traders looked toward weaker demand in the U.S., the world's largest oil market, and a boost in supply this autumn from OPEC and its allies.
Brent crude futures for October delivery , which will expire on Friday, were down 49 cents, or 0.71%, at $68.13 a barrel by 12:55 p.m. CDT (1755 GMT), while the more active contract for November was down 57 cents, or 0.84%, at $67.41.
West Texas Intermediate crude futures were 60 cents, or 0.93%, lower at $63.99.
The market was in part shifting its focus toward next week's OPEC+ meeting, said Tamas Varga, analyst at PVM Oil Associates.
Crude output has increased from the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, as the group has accelerated output hikes to regain market share, raising the supply outlook and weighing on global oil prices.
"Overall, the bottom line is we're going to see a jump in supply feeding into a lackluster demand market," said Andrew Lipow, president of Lipow Oil Associates.
The U.S. summer driving season ends on Monday's Labor Day holiday, signalling the end of the highest demand period in the United States, which is the largest fuel market.
Source: Reuters
