Oil Prices Rebound but Head for Steepest Weekly Loss Since June

Oil prices rose on Friday, snapping a four-day losing streak, though both benchmarks remain on track for their sharpest weekly drop since late June as concerns over oversupply weigh heavily on sentiment.

Brent crude futures BRN1! were up 43 cents, or 0.7%, at $64.54 a barrel by 0500 GMT, while U.S. West Texas Intermediate (WTI) CL1! gained 41 cents, or 0.7%, to $60.89. Despite Friday’s uptick, Brent has slid about 8% this week, while WTI is down 7.4%.

Traders remain cautious ahead of the upcoming OPEC+ meeting, where the group could decide to raise production by as much as 500,000 barrels per day in November—triple the October increase—as Saudi Arabia seeks to reclaim market share, sources told Reuters. Analysts warn that such a move could push crude prices lower, with IG’s Tony Sycamore noting that a large supply hike may drag WTI toward support at $58.00, with potential to retest this year’s lows near $55.00.

Oversupply concerns are being compounded by seasonal refinery maintenance, softer demand, and rising stockpiles. U.S. government data this week showed inventories of crude oil, gasoline, and distillates all increased as refining activity eased.

JPMorgan analysts said September likely marked a turning point, with the oil market “now heading towards a sizeable surplus in Q4 2025 and into next year.” Meanwhile, the Group of Seven finance ministers pledged fresh measures to curb Russia’s oil revenues, including targeting buyers that continue to expand purchases of Russian crude.