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Oil Heads for Deep Weekly Loss on Prospects for Jump in Supply - BLOOMBERG
(Bloomberg) -- Oil extended a sharp two-day drop, putting prices on course for a substantial weekly decline, on prospects of more supply from OPEC members Saudi Arabia and Libya.
West Texas Intermediate fell toward $67 a barrel and is more than 6% lower this week, while Brent crude closed below $72. Rival Libyan factions agreed to appoint a new central bank governor, paving the way for resolving a row that’s slashed oil output. Saudi Arabia was said to be committed to higher production, the Financial Times reported on Thursday.
Crude is on track for a second quarterly decline, with OPEC+’s plans to ease voluntary supply curbs, as well as top importer China’s tough economic outlook, weighing on futures. The Asian nation unveiled a slew of monetary and fiscal stimulus measures this week, aiding stocks as well as other commodities, but their effectiveness remains uncertain.
