SINGAPORE (Reuters) -Oil prices extended their decline into a third session on Friday, heading for a weekly loss for the first time in three weeks as supply expectations grow and a surprise build in U.S. crude stocks adds to demand concerns. <\/p>\n
Brent crude futures fell 10 cents, or 0.15%, to $66.89 a barrel by 0420 GMT, while U.S. West Texas Intermediate crude fell 13 cents, or 0.20%, to $63.35. <\/p>\n
Brent was down 1.78% and WTI down 1% so far this week. <\/p>\n
Crude oil remained under pressure amid concerns of rising OPEC supply, ANZ research analysts wrote in a note on Friday. <\/p>\n
Market expectations are growing that the group will push more barrels into the market to regain market share lost to U.S. shale producers in recent years, the analysts said. <\/p>\n
Reuters reported on Wednesday that eight members of the Organization of the Petroleum Exporting Countries and allies like Russia – known together as OPEC – will consider raising production further in October at a meeting on Sunday, citing two sources familiar with the discussions. <\/p>\n
Another boost would mean that OPEC , which pumps about half of the world’s oil, would be starting to unwind a second layer of output cuts of about 1.65 million barrels per day, or 1.6% of world demand, more than a year ahead of schedule. <\/p>\n
Meanwhile, U.S. crude oil inventories rose 2.4 million barrels last week as refineries headed into maintenance season, data from the Energy Information Administration showed on Thursday, compared with expectations in a Reuters poll for a 2 million-barrel draw. [EIA\/S] <\/p>\n
Strength in the downstream sector has been a key support for prices over recent months, BMI analysts said in a report, but refining margins will likely be squeezed in coming months as global demand growth wanes and refiners ramp up maintenance. <\/p>\n
This, in turn, will lower throughput, reducing the call on crude, the BMI analysts said. <\/p>\n
Supply risks, though, continue to cloud the market. <\/p>\n
U.S. President Donald Trump told European leaders on Thursday that Europe must stop buying Russian oil, a White House official said. <\/p>\n
Any cuts to Russia’s crude exports or other disruption to supplies could push global oil prices higher. <\/p>\n
(Reporting by Siyi Liu in Singapore, Arathy Somasekhar and Georgina McCartney in Houston; Editing by Sonali Paul and Tom Hogue) <\/p>\n","protected":false},"excerpt":{"rendered":"SINGAPORE (Reuters) -Oil prices extended their decline into a third session on Friday, heading for a weekly loss…\n","protected":false},"author":2,"featured_media":118733,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[64,63,26475,99,171,26473,84815,84816,84814],"class_list":["post-120002","post","type-post","status-publish","format-standard","has-post-thumbnail","category-markets","tag-au","tag-australia","tag-brent-crude-futures","tag-business","tag-markets","tag-oil-prices","tag-opec-supply","tag-u-s-crude-oil-inventories","tag-u-s-crude-stocks"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/120002","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=120002"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/120002\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/118733"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=120002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=120002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=120002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}