Oil prices record weekly loss for the third time in a row

Crude oil futures recorded a third consecutive weekly loss at the end of trading on Friday, June 7 due to fears that demand may decline even with OPEC+ plans to increase production.

Brent crude futures settled at $79.62 per barrel, down 25 cents, or 0.31%, during Friday trading.

US crude futures contracts also recorded $75.53 per barrel at settlement, down two cents, or 0.03%, during Friday trading.

US crude oil and benchmark Brent crude oil saw selling off earlier in the week after OPEC+ members announced they would begin phasing out 2.2 million barrels of daily production cuts starting in October. Weak US manufacturing data and weak private payrolls also weighed on… market.

Oil prices have rebounded over the past two days on hopes that lower interest rates will boost demand, but the two benchmark crude oils are still down about 2% during the week.