Oil Prices Set for Sharpest Weekly Decline Since June Ahead of OPEC+ Meeting

Oil Prices Set for Sharpest Weekly Decline Since June Ahead of OPEC+ Meeting

Crude oil prices were on course to book their steepest decline in four months following reports that OPEC+ was about to extend its production boost for another month at its Sunday meeting. At the time of writing, Brent crude was trading at $64.53 per barrel, with West Texas Intermediate at $60.86 per barrel. Both were up slightly from Thursday’s close but had been trending lower since Monday, with Brent crude shedding 8.3% since the start of the…

Oil Set for Large Weekly Loss Ahead of OPEC+ Meeting on Supply

Oil was on track for the biggest weekly decline since late June, ahead of an OPEC+ meeting that’s expected to result in the return of more idled barrels, exacerbating concerns around oversupply.

Oil Prices Set for Steepest Fall as OPEC+ Weighs New Output Hike

Global crude oil prices are poised for their sharpest weekly decline in four months amid growing expectations that OPEC+ will extend its production boost, intensifying concerns of a potential supply glut.   Reports ahead of the group’s Sunday meeting suggest that producers may add another half a million barrels per day (bpd) to global output in October, a move analysts say could exert further downward pressure on already weakened prices.  At the…

Oil prices rebound but face biggest weekly drop since June

Crude oil prices inched higher on Friday, ending a losing streak of four consecutive sessions. However, despite the modest rebound, the market remained on course for its steepest weekly decline since late June, as traders braced for the possibility of further output increases from OPEC+ amid oversupply worries. By early trading, Brent crude futures rose by 18 cents, or 0.3%, to $64.29 per barrel, while U.S. West Texas Intermediate (WTI) gained 1…

Crude Oil Weakens 2% on Oversupply Worries as OPEC+ Meeting Nears

By Adedapo Adesanya Crude oil depreciated by about 2 per cent on Thursday over concerns about oversupply in the market ahead of a meeting of the Organisation of the Petroleum Exporting Countries and allies (OPEC+) this weekend. Brent crude futures depleted by $1.24 or 1.9 per cent to $64.11 per barrel and the US West […]