Oil Posts Sharpest Weekly Drop in Months
Oil prices ended another volatile week, heading for their steepest weekly fall in about three and a half months. The Brent crude benchmark fell close to 8 %, while U.S. WTI crude dropped around 7.3 %.
Factors Driving the Slide
The sharp decline has been fueled by growing expectations that OPEC+ will further boost production in November, potentially by up to 500,000 barrels per day — triple the increase seen in October. Adding to the pressure, many global refineries are running reduced operations for maintenance, and seasonal energy demand is weakening.
Recent Prices and Market Outlook
On Friday, Brent futures rose slightly, closing at $64.54 a barrel, and WTI futures gained modestly to $60.94. Despite the late recovery, prices remain considerably lower on the week. Analysts warn that if OPEC+ ramps up supply further, the market could shift toward a supply glut in the fourth quarter.
Broader Risks
The market also faces uncertainties from geopolitical dynamics, evolving Chinese demand patterns, and Russia’s production outlook. These factors add volatility to crude markets already fragile from oversupply fears.
