Oil gains over 40% Year-To-Date

After gaining more than 40% during the first half of 2022, oil prices declined on Friday amid persistent fears of lower demand, which cast a shadow on sentiment and put the benchmark crude on track to post a third consecutive weekly loss.

By 0428 GMT, Brent crude futures were down $0.2, or 0.2%, to $108.83 per barrel. WTI crude futures for August delivery rose $0.37, or 0.4%, to $105.39 per barrel.

Both contracts fell around 3% on Thursday, ending the month lower for the first time since November.

Yesterday, the OPEC+ group of producers, including Russia, agreed to stick to its output strategy after two days of meetings.

Previously, OPEC+ decided to increase output each month by 648,000 barrels per day (bpd) in July and August, up from a previous plan to add 432,000 bpd per month.

U.S. President Joe Biden will make a three-stop trip to the Middle East in mid-July that includes a visit to Saudi Arabia, pushing energy policy into the spotlight as the United States and other countries face soaring fuel prices that are driving up inflation.

Oil prices are expected to stay above $100 a barrel this year as Europe and other regions struggle to wean themselves off Russian supply, a Reuters poll showed.