Oil heads for another weekly decline as supply concerns mount

Oil was set for a second weekly drop, as supply increases around the world heighten concerns about the size of a forming glut.

West Texas Intermediate rose toward $60 a barrel, but was still on track for a weekly decline of about 2%, while Brent settled near $63 on Thursday. OPEC+ output rose slightly last month as key members restarted halted supplies, adding to production increases in other nations including Brazil and the US.

WTI has lost about 17% this year, with the International Energy Agency last month predicting a record oversupply in 2026 year will be bigger than previously estimated. Key price gauges also indicate that the outlook is worsening, with the premium that front-month WTI futures command over the next month’s contract, known as the prompt spread, narrowing in the pa