Oil Heads for First Weekly Loss in Three as Supply Concerns Mount

PUKMEDIA

Oil prices.

Oil prices extended declines for a third straight session on Friday, 5 September 2025, setting up the first weekly loss in three weeks as expectations of rising supply and an unexpected build in U.S. crude inventories weighed on the market.

Reuters reported that Brent crude futures slipped 10 cents, or 0.15%, to $66.89 a barrel by 0420 GMT, while U.S. West Texas Intermediate (WTI) fell 13 cents, or 0.20%, to $63.35. For the week, Brent is down 1.78% and WTI nearly 1%.

“Crude oil remains under pressure amid concerns of rising OPEC+ supply,” ANZ analysts said in a note.

According to Reuters, eight members of the Organization of the Petroleum Exporting Countries and allies such as Russia — known as OPEC+ — are expected to discuss further production increases at a meeting on Sunday. A new boost would accelerate the unwinding of output cuts worth 1.65 million barrels per day, or around 1.6% of global demand, more than a year ahead of schedule.

Analysts at BMI said such a move would reduce refinery throughput and dampen demand for crude.

At the same time, geopolitical risks continue to cloud the outlook. A White House official said on Thursday that U.S. President Donald Trump urged European leaders to halt purchases of Russian oil. Any disruption in Russian exports, they warned, could tighten supply and drive prices higher.



PUKMEDIA