Oil prices fall amid oversupply concerns

19/09/2025 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices declined on Friday, posting weekly losses amid concerns about abundant supply and slowing demand, after Federal Reserve Chair Jerome Powell pointed to continued weakness in the US labor market.

 

Brent crude futures for November delivery fell 1.13% (76 cents) to $66.68 a barrel, recording a 0.46% weekly loss.

 

WTI (Nymex) crude futures for October delivery dropped 1.4% (89 cents) to $62.68 a barrel, with little change over the week.

 

"Oil supplies continue to remain robust and OPEC is reducing its oil production cuts," said Andrew Lipow, president of Lipow Oil Associates. "We haven't seen an impact on Russian crude oil exports."

 

Baker Hughes data released today showed that the number of US oil drilling rigs rose two units to 418 in the week ending Sept. 19.

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