Oil Reverses Third Weekly Gain on OPEC+ Supply Boost

WTI crude oil futures rose 0.5% on Friday to settle at $61.50 per barrel but still recorded their first weekly loss in three weeks, pressured by expectations of another OPEC+ production increase.

The group is expected to add 411,000 barrels per day in July, with discussions next week likely confirming the move.

Market sentiment was further weighed down by reports suggesting OPEC+ may unwind the remainder of its 2.2 million bpd voluntary cuts by October.

A large crude inventory build in the U.S. and surging domestic storage demand added to the bearish outlook.

Meanwhile, geopolitical tensions — including Israel’s reported preparations to strike Iranian nuclear sites and fresh sanctions on Russian oil — offered some support.

Traders are also watching U.S.-Iran nuclear talks in Rome, which could shape the outlook for Iranian oil supply.