Oil track for big weekly drop as supply concerns mount
Oil prices fell Friday, extending losses from the previous two sessions, and were on track for their biggest weekly drop since March after expectations of more supply put pressure on the market.
Brent crude was up 28 cents, or 0.4%, at $73.77 per barrel, heading for a 3.8% fall this week.
U.S. crude futures were up 39 cents, or 0.54%, at $72.01 per barrel, on track for a 5.1% decline.
Saudi Arabia and the UAE reached a compromise this week, paving the way for OPEC+ producers to finalise a deal to increase production.
Germany's Jan-May oil imports drop by 11.4% year on year
German crude oil imports in January through May fell 11.4% year on year as the COVID-19 pandemic and related lockdowns hit industry, official data showed on Friday.
Oil volumes in the five months under review fell to 31 million tonnes from 35 million in the same months of 2020, statistics from the BAFA foreign trade office showed.
Reference: CNBC, Reuters
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