Oil declines, heads for weekly loss

Oil drilling rigs

Oil prices declined on Friday and are set to post their first weekly loss in three weeks, amid renewed pressure from expectations of another potential output increase by the OPEC+ alliance in July.

Brent crude futures for July delivery fell by 0.65%, or 41 cents, to $64.03 per barrel as of 8:01 am KSA time.

US West Texas Intermediate (WTI) crude futures for July delivery also dropped by 0.65%, or 41 cents, to $60.79 per barrel.

Analysts at ING noted in a research memo that the oil market is under pressure, expecting OPEC+ to proceed with increasing supply by 411,000 barrels per day in July. They expect the average Brent price to reach $59 per barrel in Q4 2025, according to Reuters.

Markets are also awaiting the release of US oil and gas rig count data from Baker Hughes, as well as developments in the nuclear negotiations between the US and Iran, with the fifth round of talks scheduled to take place later today in Rome.