Oil prices fell on Friday but are set for a weekly gain, caught between expectations of lower demand as the end of summer nears in the United States, the world’s biggest consumer, and uncertainty about the availability of Russian supply.
Brent crude futures for October delivery, which will expire on Friday, fell 53 cents, or 0.8%, at $68.09 at 0251 GMT, while the more active contract for November slid 48 cents, or 0.7%, to $67.50. West Texas Intermediate (WTI) crude futures were down 51 cents, or 0.8%, at $64.09.
Brent is set for a weekly gain of 0.6%, while WTI is set to climb by 0.8%. rices gained due to Ukrainian attacks on Russian oil export terminals earlier this week and after German Chancellor Friedrich Merz said on Thursday there will be no meeting between Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy.
However, the end of the U.S. summer driving demand period with the Labor Day holiday on Monday and more supply from major producers becoming available with the end of voluntary output cuts have weighed on prices.
