WTI crude oil futures fell to around $64 per barrel on Friday, heading for the first monthly decline in four, even as prices remain on track for a second consecutive weekly gain. Oil has been supported by geopolitical tensions and supply concerns, with traders monitoring Ukrainian drone attacks on Russian export terminals and potential remarks from President Trump on tighter sanctions. However, prices were pulled lower by expectations of reduced US fuel consumption as the summer driving season ends with Labor Day, combined with concerns over a global supply glut following the IEA’s recent forecast that supply will outpace demand in coming quarters, and OPEC+ efforts to restore idled capacity. Meanwhile, investors are watching India’s response to US pressure on Russian oil imports, though analysts say shipments are still expected to rise in September, keeping the market outlook uncertain.
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