Oil heads for weekly loss as US stockpiles rise, OPEC+ may boost supply

Crude oil futures fell below $61 per barrel on Friday, set for their first weekly loss in three weeks, as traders weighed the likelihood of OPEC+ raising production again. Reports suggest the group may increase output by 411,000 bpd in July, adding to oversupply concerns that were already elevated after an unexpected build in US crude inventories. OPEC+ producers Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman will make the final decision on July output levels at a meeting on June 1. Geopolitical risks remain in focus, with attention on the ongoing US-Iran nuclear talks and potential regional tensions after reports of possible Israeli actions on Iranian facilities. Back home, MCX crude futures slipped more than 1 percent to ₹5211 per barrel, tracking global weakness. Markets also await the latest Baker Hughes rig count for fresh cues on US production trends.

Powered by Commodity Insights