WTI crude drops toward $63, set for weekly loss

WTI crude oil futures extended losses on Friday, sliding toward $63 per barrel and heading for a weekly decline. The weakness comes as markets brace for the OPEC+ meeting, where producers are expected to raise output to recapture share lost to US shale. Rising supply from both OPEC+ and independent drillers has heightened fears of a potential surplus. Bearish sentiment deepened after US crude inventories rose by 2.4 million barrels last week, including the largest Cushing build since March. Demand concerns also linger amid slowing US growth, fading summer fuel consumption, and trade tariff risks. On MCX, September crude futures dropped 0.5% to ₹5582 per barrel.

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