Friday, Global Markets — Oil prices rose modestly in early trading on Friday but remain on course for their second consecutive weekly loss as traders weigh the impact of rising global supply and slowing US demand.
Brent crude gained 21 cents, or 0.33%, to $63.59 per barrel, while US West Texas Intermediate (WTI) climbed 22 cents, or 0.37%, to $59.65, according to Reuters.
Despite Friday’s uptick, both benchmarks are down roughly 2% this week, pressured by an unexpected rise in US crude inventories and increased output from major producers.
Tony Sycamore, analyst at IG Markets, said the latest price weakness stems from a “surprise build of 5.2 million barrels in US crude stockpiles,” heightening fears of an oversupplied market.
The US Energy Information Administration (EIA) reported the inventory increase was driven by higher imports and lower refinery activity, even as gasoline and distillate inventories declined.
Adding to market uncertainty, traders remain cautious about the economic fallout from the ongoing US government shutdown, which could weigh on energy consumption and industrial activity.
Meanwhile, OPEC+ announced last Sunday that it would slightly increase production in December but pause any additional hikes through the first quarter of 2026, citing risks of a growing surplus in the global market.
