Crude oil prices dropped for a third straight day on Friday amid mounting supply worries stemming from unresolved OPEC+ impasse. The international benchmark Brent crude fell 20 cents (0.3%) to $73.27 per barrel as of 0018 GMT, on track to a 3% decrease this week after two days of sharp declines. Meanwhile, US WTI crude slipped 12 cents (0.2%) to $71.53 per barrel, heading for a 4% drop this week.
OPEC+ abandoned a meeting in early July without reaching an agreement after the UAE dismissed some aspects of the proposed deal. Riyadh and Abu Dhabi are reportedly in talks behind the scenes, and sources said that the two Arab nations were now close to finalising a deal that would facilitate more supply to return to the market.
OPEC reported on Thursday that the world’s oil consumption would likely increase to near pre-pandemic levels of around 100 million bpd in 2022, thanks to robust demand recovery in key markets such as the US, China, and India. According to the report, OPEC production totalled 26.03 million bpd in June, an increase of 590,000 bpd from a month earlier.
