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Reuters
Oil prices fell on Friday, heading for their biggest weekly decline since at least May as expectations of an increase in supply spooked investors.
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Brent crude for September delivery fell 20 cents to $ 73.27 a barrel at 5:44 a.m. GMT, and is heading for a 3% loss this week after two days of steep declines, the biggest weekly decline since May.
U.S. crude for August delivery fell 19 cents to $ 71.46 a barrel and is on track to drop about 4% this week, the biggest weekly decline since March.
The Organization of the Petroleum Exporting Countries, Russia and Other Producers ‘Organization of the Petroleum Exporting Countries, Russia and Other Producers’ talks on procurement policy, as part of the “OPEC +” group, ended without a deal this month after the UAE United Arabs opposed the extension of the production policy beyond April 2022.
It was reported this week that Saudi Arabia and the United Arab Emirates were in the process of reaching a compromise, which could pave the way for “OPEC +” to finalize a deal that would allow more supplies on the market.
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“All indications are that OPEC + is heading towards a possible settlement deal that will allow the UAE to secure a baseline adjustment,” analysts from “RBC Capital” said in a note. “Other producers will no doubt seek reciprocity and may extend deliberations. Before the August ministerial meeting.”
And “OPEC” said yesterday, Thursday, that it plans to increase global demand for oil next year to near levels it was before the pandemic, around 100 million barrels a day, drawn by growing demand in the United States, China and India.
The report showed that “OPEC” production increased in June from 590,000 barrels per day to 26.03 million barrels per day.
Source: “Reuters”
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