Crude Oil price declines, amid expectations for more supplies

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Oil prices fell on Friday, heading for their biggest weekly drop since May as expectations of more supplies spooked investors, with OPEC likely to add output to meet a potential revival in demand as more countries recover from the pandemic.

Brent crude for September was down 37 cents at $73.10 a barrel heading for a 3.2% fall this week after two days of heavy declines. This will mark Brent’s biggest weekly drop since May.

U.S. crude for August fell 35 cents to $71.30 a barrel, on track for a decline of more than 4% this week, its largest weekly drop since March.

Discussions on supply policy within the Organization of the Petroleum Exporting Countries, Russia and OPEC+, ended without agreement this month after the United Arab Emirates objected to extending the output policy beyond April 2022.




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