Oil near $63 with 4% weekly gain amid seasonal demand, OPEC+ output move eyed

WTI Crude oil futures hovered around $63 per barrel on Friday, on track for a 4% weekly rise ? its first gain in three weeks ? driven by optimism over peak seasonal demand. Early gains were supported by geopolitical risks and Canadian wildfires, which disrupted about 7% of Canada?s output before recent rains helped contain fires. However, momentum faded after Saudi Arabia urged OPEC+ to hike output by at least 411,000 barrels per day in August, with potential increases in September as well. Additionally, Saudi Arabia slashed July crude prices for Asia to near four-year lows, signaling weaker regional demand. Investors also monitored US-China trade talks for potential effects on oil consumption. Back in India, MCX oil futures were seen trading lower by Rs 16 at Rs 5426 per barrel.

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