Brent crude futures dropped 0.7% to settle at $68.1 per barrel on Friday, as traders weighed weaker US demand and the possibility of a ceasefire in Ukraine.
Attention is also on next week's OPEC+ meeting, with accelerated output increases from the group raising the global supply outlook.
However, these supply gains have yet to fully reach the US market, where the summer driving season is ending, fueling concerns over demand.
Prices had risen earlier in the week following Ukrainian attacks on Russian export terminals, but reports of potential ceasefire talks eased some of that pressure.
US crude inventories showed larger-than-expected draws, indicating ongoing demand in industrial and freight sectors.
Geopolitical factors, including India's continued purchases of Russian oil despite US tariff threats, remain under close scrutiny.
Despite Friday's decline, Brent posted its second consecutive weekly gain, though the benchmark recorded its first monthly drop in four months.
Source: Trading Economics
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