Oil prices fall on expectations of weaker US demand

Oil drilling rigs

Oil prices declined on Friday, weighed down by expectations of softer demand as the peak summer driving season in the US comes to an end, ahead of the Labor Day holiday next Monday.

Brent crude futures for October delivery — which expire today — fell 0.6% (38 cents) to $68.24 a barrel. The more actively traded November contract dropped 0.55% (38 cents) to $67.60.

WTI crude futures for October delivery slipped 0.6% (39 cents) to $64.21 a barrel as of 7:56 am Makkah time.

In a joint statement with French President Emmanuel Macron on Thursday, German Chancellor Friedrich Merz said there would be no meeting between Russian President Vladimir Putin and his Ukrainian counterpart Volodymyr Zelensky, Reuters reported.