Oil declines, heading for biggest weekly drop in months
Oil prices fell on Friday, heading for their biggest weekly drop since at least May as expectations of more supplies spooked investors, with OPEC likely to add output to meet a potential revival in demand as more countries recover from the pandemic.
Brent crude for September was down 37 cents at $73.10 a barrel by 0650 GMT, heading for a 3.2% fall this week after two days of heavy declines. This will mark Brent's biggest weekly drop since May.
U.S. crude for August fell 35 cents to $71.30 a barrel, on track for a decline of more than 4% this week, its largest weekly drop since March.
Discussions on supply policy within the Organization of the Petroleum Exporting Countries, Russia and other producers, a group called OPEC+, ended without agreement this month after the United Arab Emirates (UAE) objected to extending the output policy beyond April 2022.
Saudi Arabia and the UAE reached a compromise this week, paving the way for OPEC+ to finalise an agreement that would allow more supply into the market.
Reference: Reuters
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