Oil prices were on track for sharp weekly declines on Friday as surging US output countered production losses in sanctions-hit Iran and Venezuela.
Brent crude oil futures were at $70.08 a barrel at 0835 GMT, down 67 cents and set for their first weekly loss after five weeks of gains.
US West Texas Intermediate (WTI) crude futures were down 41 cents at $61.40, poised for a second straight weekly decline.
“Even with deep losses in supply from Iran and Venezuela, as well as a few other countries around the world, OPEC+ will still need to hold back production to balance the market,” SEB analyst Bjarne Schieldrop said in a note, adding that this is a reflection of the ongoing output growth in the US.
