Crude oil prices were headed for a steep weekly loss as concerns about an excess supply of oil continued to persist despite OPEC+’s decision to delay a production increase.
With a 7.2% decline, the global benchmark for Brent is headed for its worst week since October 2023. This is the worst week for the U.S. benchmark since early May, down 5.4%.
The sharp decline in oil prices this week forced OPEC+ to postpone its intentions to raise output by 180,000 barrels per day until December. By the end of the next year, the increase in output will put around 2.2 million bpd back on the market.
These are the energy costs as of Friday:
October West Texas Intermediate contract: $69.43 a barrel, up 0.4%, or 63 cents. US oil has dropped 5.5% so far this year.
November contract for Brent: $72.97 per barrel, up 0.39%, or 28 cents. As of today, the worldwide benchmark has decreased by 7.3%.
RBOB Gasoline October contract: $1.94/gal, up 1.04% or 2 cents. Petrol prices have decreased 7.4% so far this year.
October natural gas contract: $2.24 per thousand cubic feet, essentially same. Petrol prices are down 10.5% so far this year.
Source (CNBC)