Oil Prices Post Weekly Losses as Markets Await OPEC+ Meeting

Oil prices slipped for a third consecutive day on Friday, capping their steepest weekly decline since May as traders braced for Sunday’s OPEC+ meeting, where the coalition is expected to decide whether to maintain or adjust production levels.

West Texas Intermediate (WTI) crude fell 2.5%, settling just below $62 a barrel, marking a 3.3% drop for the week. Brent crude for November delivery slid 2.2% to close at $65.50 a barrel.

Latest oil Prices:

WTI Crude • 61.87 -1.61 -2.54%

Brent Crude • 65.50 -1.49 -2.22%

Murban Crude • 68.08 -1.18 -1.70%

Louisiana Light • 66.46 -1.46 -2.15%

Bonny Light • 78.62 -2.30 -2.84%

Opec Basket • 71.32 +0.00 +0.00%

Mars US • 71.28 -0.98 -1.36%

Gasoline • 1.964 -0.045 -2.25%

Natural Gas • 3.048 -0.026 -0.85%

The losses come amid market fears that OPEC+ could opt to raise supplies further, adding to concerns of oversupply later this year. In its previous meeting, the alliance restored 2.5 million barrels per day of withheld output. Russian Deputy Prime Minister Alexander Novak said the group would “consider the current situation as a whole” before making its next move.

A Bloomberg survey of traders and analysts found that 17 respondents expect OPEC+ to hold production steady in October, while six predicted a modest increase. At last month’s gathering, eight core members agreed to boost output by 547,000 barrels per day for September, completing the reinstatement of 2.2 million barrels per day suspended in 2023.

Oil has lost roughly 14 percent so far this year as OPEC+ has aggressively raised output targets to reclaim market share from rival producers. Additional supply from non-OPEC nations, coupled with weakening demand concerns fueled partly by U.S. tariffs under President Donald Trump, has intensified downward pressure.

U.S. inventory data further weighed on sentiment this week. Crude stockpiles rose by 2.4 million barrels, beating forecasts, while Cushing, Oklahoma storage climbed to its highest level since early May. Diesel inventories also swelled, offsetting earlier optimism, though gasoline reserves fell.

The prospect of a global glut has led many investors to pause ahead of the coalition’s decision. Traders are also watching geopolitical developments closely: Washington has ramped up pressure on buyers of Russian crude in a bid to push Moscow toward a truce in Ukraine. The U.S. imposed 50 percent tariffs on some Indian imports, with Trump remarking Friday that America has “apparently lost India and Russia to China’s darker embrace.”

OPEC+ ministers will convene virtually on September 7 under heightened scrutiny from global markets.