Oil is on track for a second weekly decline ahead of an OPEC+ meeting on output policy that is expected to lead to another supply increase.
West Texas Intermediate crude was steady below $61 a barrel after falling 1.5% on Thursday. Brent settled lower near $64. A subgroup led by Saudi Arabia will meet on Saturday to decide on July output levels, with talks earlier this week discussing a third straight supply increase.
The faster-than-expected production increase by OPEC and its allies has raised concerns about a looming supply glut and helped drag oil prices lower. Concerns about a global economic slowdown due to tariffs and retaliatory actions by President Donald Trump have also weighed on prices. Meanwhile, U.S. crude inventories fell by 2.8 million barrels last week, the most in about two months, data from the Energy Information Administration showed on Thursday. Gasoline inventories also fell.
WTI for July delivery was little changed at $60.86 a barrel at 7:32 a.m. in Singapore.
Brent for July delivery, which expires Friday, closed 1.2% lower at $64.15 a barrel on Thursday.
Source: Bloomberg
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