WTI crude oil futures fell below $61 per barrel on Friday, heading for its first weekly decline in three, pressured by the potential for OPEC+ to raise crude production.
The group is reportedly considering a third consecutive monthly increase in output quotas, possibly adding 411,000 bpd in July, though no agreement has been finalized.
This adds to growing oversupply concerns, following an unexpected rise in US crude stockpiles earlier in the week. Data from The Tank Tiger also showed that US crude storage demand has recently surged to levels last seen during the COVID-19 pandemic, as traders prepare for a potential supply wave from OPEC+ in the coming months.
Markets are closely watching Friday's Baker Hughes rig count, a key gauge of future US oil and gas output, while also tracking US-Iran nuclear talks following earlier reports of potential Israeli strikes on Iranian nuclear facilities, which have sparked concerns over regional supply disruptions.
Source: Trading Economi
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