Oil futures were slightly higher Friday, but remained on track for a third straight weekly decline as worries about the outlook for demand have overtaken supply risks tied to the Israel-Hamas war.
“Sentiment has shifted on the oil market: what began as a pricing out of the geopolitical risk premium has ended with a marked correction,” said Barbara Lambrecht, commodity analyst at Commerzbank, in a note. The recent slide in prices “makes it likely that the kingdom will ‘voluntarily’ extend its production cuts once again — presumably for one more quarter” when the Organization of the Petroleum Exporting Countries and its allies meet on Nov. 26, Lambrecht said.
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