FX.co ★ WTI Crude Falls for 3rd Day, Posts Weekly Loss

WTI crude oil futures continued their decline for the third consecutive session on Friday, dropping by 2.5% to finish at $61.9 per barrel. This movement represents the first weekly decrease observed in three weeks. The decline was influenced by an unexpected increase in US crude inventories, which rose by 2.4 million barrels, as well as the upcoming OPEC+ meeting on Sunday, where further production hikes are on the agenda. Reports suggest that Saudi Arabia is in favor of boosting output to reclaim market share, possibly reversing some of the existing 1.65 million barrels per day cuts. Additionally, geopolitical tensions are affecting the market, particularly with the United States exerting pressure on purchasers of Russian oil and introducing new tariffs on imports from India. Bearish sentiment is further fueled by anticipated new oil supplies from Guyana and Brazil, coupled with concerns about diminished demand due to slower US economic growth. In summary, crude prices are being suppressed by a combination of possible oversupply, geopolitical challenges, and economic uncertainties.