Oil Set for First Weekly Decline in Six

2026-02-06 00:25 By Kyrie Dichosa 1 min. read

WTI crude oil futures fell below $63 per barrel on Friday, extending losses from the previous session and heading for their first weekly decline in six weeks, as attention remained on scheduled Iran–US talks later in the day.

Iran’s confirmation that negotiations would take place helped ease near-term concerns over military conflict and supply disruptions involving the major OPEC producer, which accounts for about a third of global crude output.

Still, differing views on the scope of the talks cast doubt on whether major gaps can be bridged.

Meanwhile, Saudi Arabia cut prices for its main crude grade sold to Asia to the lowest level since late 2020, signaling oversupply, although the smaller-than-expected reduction suggested confidence in demand.

Elsewhere, markets are also monitoring developments in the Russia–Ukraine conflict, after fresh strikes on Ukraine’s energy infrastructure, even as Washington and Moscow moved to reopen senior-level military dialogue.



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