Brent Extends Losses

Brent crude oil futures fell below $66 per barrel on Friday, extending a nearly 2% decline in the last session, pressured by concerns over softening US demand and a supply glut.

US crude inventories unexpectedly rose by 3.9 million barrels last week, defying expectations for a draw, while the IEA projected that global oil supply will expand more quickly than previously expected as OPEC+ ramps up production.

In contrast, OPEC’s own report, released shortly after the IEA’s, kept its non-OPEC supply and demand outlook unchanged, citing steady consumption.

Meanwhile, the US is reportedly pressing G7 allies to impose higher tariffs on India and China for their purchases of Russian crude.

Despite the recent pullback, oil prices are still on track for a modest weekly gain, supported by earlier strength tied to supply risks amid geopolitical tensions in the Middle East and Ukraine.