Oil heading for 4% weekly loss on easing war concerns

WTI crude oil futures slid below $57 per barrel in Asian trading on Friday, marking a five-month low and a weekly decline of nearly 4%. Prices weakened as traders eyed upcoming US?Russia talks that could ease restrictions on Russian output, potentially adding to the global surplus. The US EIA reported a 3.5 million barrel increase in crude inventories last week, reflecting tepid demand and heightening worries about oversupply. Meanwhile, ongoing US?China trade tensions added further pressure. On the MCX, November crude futures fell 1% to ₹4998 per barrel.

Powered by Commodity Insights