⭕️ Oil prices dip, set for nearly 3% weekly loss amid IEA glut forecast
⭕️ Oil prices dip, set for nearly 3% weekly loss amid IEA glut forecast
Oil prices slipped on Friday, on track for a nearly 3% weekly decline, after the IEA predicted a growing supply glut and US President Donald Trump and Russian President Vladimir Putin agreed to meet again to discuss Ukraine.
Brent crude futures fell 15 cents, or 0.25%, to $60.91 a barrel at 11:40 GMT, while US West Texas Intermediate futures were down 8 cents, or 0.14%, at $57.38.
“Now that the two leaders are expected to meet, it could be a sign that the US’s stance on Russia may ease. If so, that should push prices lower,” said Tamas Varga, analyst at PVM.
