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Oil headed for a fourth weekly loss after sinking into a bear market, a development that poses a headache for OPEC+ leaders set to review production targets later this month.
West Texas Intermediate is on course for a weekly drop of about 5%, even as the benchmark edged higher on Friday. It is down more than 20% from a high in September.
The latest slump has been driven by a myriad of factors. Prices for real-world barrels have been steadily softening over the last few weeks, in part as supply exceeds expectations. Shipments from Guyana and the North Sea are set to rise next month, while US exports have been surging.
Those higher volumes muddy the outlook ahead of a meeting of the Organization of Petroleum Exporting Countries and its allies at the end of next week. Saudi Arabia and Russia — the group’s biggest producers — have pledged to keep additional output curbs in place until the end of the year, though Russia’s crude exports have risen in recent weeks.
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