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Oil Prices Set for a Weekly Loss Amid Glut Concerns
Crude oil prices were on course to end the week with a loss, with the decline starting on Wednesday and extending into Friday, reversing a string of gains that lasted two weeks. At the time of writing, Brent crude was trading at $66.88 per barrel, with West Texas Intermediate at $63.34 per barrel, as oil traders anticipated the global oil supply balance to swing into a glut as OPEC+ adds more barrels to production. Reuters reported on Wednesday that OPEC+ was considering another monthly output boost to be discussed at the group’s meeting…