Oil prices moved higher on Friday after four straight days of losses. Despite the rebound, crude remains on track for its steepest weekly decline since late June. Traders expect OPEC+ could raise production further, fueling concerns about oversupply.
Brent crude futures rose 43 cents, or 0.7%, to $64.54 a barrel by 05:00 GMT. U.S. West Texas Intermediate (WTI) gained 41 cents, or 0.7%, to $60.89 a barrel.
For the week, Brent has dropped 8%, while WTI is down 7.4%.
OPEC+ may agree to increase oil output by as much as 500,000 barrels per day in November. That would be triple the October rise, as Saudi Arabia pushes to regain market share, according to Reuters sources.
“If OPEC+ announces a 500,000 bpd hike this weekend, it could push crude lower again,” said Tony Sycamore, analyst at IG. “Prices may first test support at $58.00, then possibly revisit this year’s lows around $55.00.”
Analysts warn that higher OPEC+ supply, slower refinery runs due to maintenance, and weaker seasonal demand could add to global stockpiles. U.S. crude, gasoline, and distillate inventories already rose last week, the Energy Information Administration reported, as refining activity and demand softened.
JPMorgan analysts said they believe September marked a turning point. “The oil market is now heading toward a sizeable surplus in Q4 2025 and into next year,” they noted.
Meanwhile, finance ministers from the Group of Seven nations pledged to increase pressure on Russia. They plan to target buyers who continue purchasing Russian oil.
