“There has been no shortage of drama in the lead up to this weekend’s OPEC+ meeting, leaving the market rife with volatility as traders try to read the tea leaves as to what is going on behind closed doors,” said Rebecca Babin, senior energy trader at CIBC Private Wealth U.S., in emailed commentary. “ “There has been no shortage of drama in the lead up to this weekend’s OPEC+ meeting, leaving the market rife with volatility as traders try to read the tea leaves as to what is going on behind closed doors.” ” - Rebecca Babin, CIBC Private Wealth U.S. Those default worries were put to bed Thursday after the Senate passed legislation to lift the debt ceiling, sending it to President Joe Biden’s desk for signature. WTI and Brent both remain on track for weekly losses of more than 1% after suffering steep May declines that were attributed to worries about the global economic outlook and worries over a potential U.S. Gained 1.8% to $2.36 a gallon, with prices up nearly 0.1% for the week.Īdded nearly 0.7% at $2.17 per million British thermal units after losing 4.8% on Thursday. Rose nearly 2.7% to $2.50 a gallon, for a weekly loss of 3.5%, while July heating oil Brent and WTI marked their first weekly losses in 3 weeks. The global benchmark, gained $1.85, or 2.5%, to settle at $76.13 a barrel on ICE Futures Europe, down 1.1% for the week. Prices for the front-month contract fell 1.3% for the week, according to Dow Jones Market Data.

Rose $1.64, or 2.3%, to settle at $71.74 a barrel on the New York Mercantile Exchange. West Texas Intermediate crude for July delivery Oil futures settled more than 2% higher on Friday, but registered a weekly loss, as traders awaited the outcome of a weekend meeting of the Organization of the Petroleum Exporting Countries and its allies.

Marketwatch oil price