Oil headed for a fourth weekly loss after sinking into a bear market, a development that poses a headache for Opec+ leaders set to review production targets later this month.
West Texas Intermediate is on course for a weekly drop of about 5 per cent, even as the benchmark edged higher on Friday. It is down more than 20 per cent from a high in September.
The latest slump has been driven by a myriad of factors. Prices for real-world barrels have been steadily softening over the last few weeks, in part as supply exceeds expectations. Shipments from Guyana and the North Sea are set to rise next month, while US exports have been surging.
