Oil up 1% amid supply risks; set for 2nd weekly loss

WTI crude oil futures rose to around $60 per barrel on Friday, with November contracts trading nearly 1.5% higher at ₹5335 per barrel on the MCX, though prices remained set for a second weekly loss amid persistent oversupply fears. OPEC+ output rose as key members resumed production, and non-OPEC producers also ramped up supply, prompting Saudi Arabia to slash its December crude prices for Asian buyers. Meanwhile, the dollar index rebounded to around 99.7 after a sharp fall, as investors reassessed the Fed?s policy outlook following soft US labor data. Despite lingering supply risks from US restrictions on Russian oil and Ukraine?s attacks on energy facilities, weak demand continues to cap gains.

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