Oil set for weekly drop as OPEC+ nears supply decision

Oil prices are headed for a small weekly decline as OPEC+ prepares to decide on another potential supply increase.

West Texas Intermediate futures rose slightly Friday to over $61 a barrel, trimming some losses. OPEC+ leaders, including Saudi Arabia, will meet Saturday to finalize July production levels after earlier talks suggested a third straight supply hike.

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Faster-than-expected output increases have raised fears of a glut, pushing prices down. Concerns over a global slowdown from U.S. tariffs also pressured the market, though recent court rulings have cast doubt on their enforcement.

Meanwhile, U.S. crude inventories fell by 2.8 million barrels last week—the biggest drop in two months – while gasoline stocks also declined.