Oil is heading for a weekly loss with 2%, amid fears of the exhibitors

Oil prices tend to record its first weekly decline in three weeks, in light of discussions within the “OPEC+” coalition about a new significant increase in production, which may add more supplies to a market that is already heading towards a surplus.

Brent crude decreased, approaching the level of $ 64 a barrel on Friday, down to the fourth consecutive session, which made him lose about 2% during the week. The “West Texas” crude fell to below $ 61.

Representatives said that “OPEC+” is discussing a new increase in production classes by 411 thousand barrels per day for July, but no agreement has been reached yet.

Oil has lost about 14% of its value since the beginning of the year, recording its lowest level since 2021 last month, after the OPEC+alliance reduced supplies at a faster rate than expected, at a time when the US -led trade war caused by pressure.

This week’s data also showed a new rise in American commercial stocks, which increased fears of exhibiting.

Defending the market share
“The focus has become on what (OPEC+) on July production levels,” said Warren Patterson, head of the commodity strategy at the ING group, adding that “another significant increase in supplies may confirm the shift of the alliance policy from defending prices, to defending the market share.”

In a related context, the European Union Commissioner of the Economy of the European Union, Valdes Dombrovscis, said it is appropriate to reduce the ceiling of Russian oil prices to $ 50 a barrel, instead of the current limit of $ 60, indicating that the current level no longer affects the product, in light of the low prices.