WTI crude oil futures fell toward $63 per barrel on Friday, declining for a third consecutive session and heading for a weekly loss, as investors awaited the OPEC+ meeting on potential production increases. Analysts expect OPEC+ to boost output further to reclaim market share lost to US shale producers. Rising production from both OPEC+ and independent drillers has raised concerns of a global oil surplus. Adding to bearish sentiment, US commercial crude inventories jumped 2.4 million barrels last week, including a 1.6 million-barrel rise at Cushing, Oklahoma—the largest since March—signaling weaker demand. Slowing US economic growth, the approaching end of the summer driving season, and trade tariffs have further clouded fuel demand prospects. Meanwhile, President Trump urged Europe on Thursday to halt Russian oil imports, a move that could curb Russian exports and push global oil prices higher.
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