Oil is headed for its biggest weekly decline since February on signs of weakening demand, increasing speculation that OPEC+ will prolong output cuts to shore up prices.
West Texas Intermediate traded near $79 a barrel for a weekly loss of more than 5%, after settling little changed on Thursday, while Brent closed below $84 a barrel. Almost 90% of traders and analysts surveyed by Bloomberg predict the Organization of the Petroleum Exporting Countries and its allies will extend curbs when they meet on June 1.
Oil has plunged about 10% from a five-month high in mid-April as the fallout from Iran’s unprecedented attack on Israel remained limited. A surprise surge in US crude stockpiles this week added to concerns about demand from top importer China and weakness in product markets including diesel and gasoline. – Bloomberg
