Oil steadied as traders weighed supply and demand signals. WTI rose 0.3% to over $68 a barrel, marking a second weekly gain. US sanctions on a Chinese refinery strengthened Middle Eastern market structures, raising supply concerns.
However, fears of slower economic growth and weaker demand kept a bearish long-term outlook.
The possibility of further OPEC+ supply increases next month capped this week’s gains.Several cartel members have committed to additional cuts to make up for exceeding quotas.
Countries like Kazakhstan, Iraq, and Russia are set to reduce output, theoretically balancing plans to restore halted production through the end of next year, according to an OPEC statement.
