Oil edges lower on mixed supply and demand outlook | Reuters
Oil prices edged lower in rangebound trade on Friday on rising supplies from major producers and concerns over a mixed picture on the COVID-19 pandemic’s impact on fuel demand.
Brent crude futures for June fell 16 cents, or 0.3%, to $63.04 a barrel by 1:38 p.m. EDT (1738 GMT). U.S. West Texas Intermediate (WTI) crude for May was at $59.38, down 22 cents.
Both contracts are on track for a 2%-3% drop this week but still far from a low of $60.47 hit two weeks ago.
Downward pressure has been exerted by the decision of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, to increase supplies by 2 million barrels per day between May and July.
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