Oil headed for a third monthly drop on concerns about a global glut, with OPEC+ expected to back another supply hike this weekend.
West Texas Intermediate fell toward $60 a barrel, on track for a monthly loss of more than 3%, while Brent settled at $65. The producers' group will hold discussions on Sunday, and members are expected to agree to revive another slice of halted capacity in a push to reclaim market share.
Traders were also taking stock of the impact of Western sanctions on Russia, including US curbs on the nation's leading producers, Rosneft PJSC and Lukoil PJSC. Some refiners in India have paused purchases of Russian imports for the coming months, prompting them to look for alternative barrels.
US crude has retreated by 16% this year as traders expect an amply-supplied market, with the International Energy Agency warning that there will a record surplus in 2026. Futures have lost ground this week despite Washington and Beijing forging a trade truce at a high-profile summit in South Korea between US President Donald Trump and Chinese counterpart Xi Jinping.
Prices:
WTI for December delivery fell 0.5% to $60.29 a barrel at 7:30 a.m. in Singapore.
Brent for December settlement, which expires on Friday, closed 0.1% higher at $65.00 a barrel on Thursday.
Source: Bloomberg
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