FX.co ★ Oil Set for Worst Week in Over 3 Months

WTI crude oil futures climbed to approximately $60.8 per barrel on Friday, though they hovered around their lowest point in four months, marking the worst week since June. This downturn was driven by anticipations that OPEC+ might advance with additional production increases. Reports indicate the coalition may boost output by up to 500,000 barrels per day in November, effectively tripling the increase observed in October, as Saudi Arabia aims to regain its share of the market. Concerns over excess supply were heightened as EIA data revealed an uptick in U.S. inventories of crude, gasoline, and distillates last week, while refining activity and demand diminished. Concurrently, worries about a potential U.S. government shutdown possibly hindering economic activity, along with the resumption of Kurdish oil exports from Iraq, contributed additional downward pressure. Meanwhile, G7 finance ministers committed to stepping up actions against Russia, specifically targeting entities expanding their purchases of Russian oil.