Houston: Markets closed the week with their steepest decline in over a year, falling nearly 12%—the biggest weekly drop since March 2023.
Brent crude futures settled at $67.77 a barrel, inching up by 4 cents (0.1%), while U.S. West Texas Intermediate crude rose by 28 cents (0.31%) to close at $65.52 a barrel. The minor gains came amid news that the OPEC+ alliance plans to raise output by 411,000 barrels per day in August, following a similar hike set for July.
The sharp drop was cushioned temporarily by expectations of stronger demand and shrinking inventories. U.S. government data revealed lower crude and fuel stocks, supported by heightened refining activity and rising consumption.
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Meanwhile, crude inventories at the Amsterdam-Rotterdam-Antwerp (ARA) hub dropped to their lowest levels in over a year. Singapore also saw a fall in middle distillate stocks due to increased net exports.
In the U.S., signs of tighter supply emerged as energy services firm Baker Hughes reported a continued decline in the number of active oil and natural gas rigs—now down for the fourth consecutive month to 432, marking the lowest count since October 2021.
