Oil Set for Worst Week in Over 3 Months

WTI crude oil futures rose to around $60.8 per barrel on Friday, but remained near a four-month low and were on track for their worst week since June, weighed down by expectations that OPEC+ could push ahead with further production hikes.

Reports suggested the group may raise output by up to 500,000 barrels per day in November, tripling October’s increase, as Saudi Arabia seeks to reclaim market share.

Oversupply concerns were amplified as EIA data showed US inventories of crude, gasoline, and distillates rose last week while refining activity and demand eased.

At the same time, concerns that a US government shutdown could curb economic activity, along with the restart of Kurdish oil exports from Iraq, added to downward pressure.

Separately, G7 finance ministers vowed to intensify measures against Russia by targeting those expanding purchases of its oil.