Overview

• After six straight trading sessions of decline, Brent futures briefly rebounded to $66.95 and WTI to $64.31 per barrel Friday morning.
• Both benchmarks are on pace for their steepest weekly losses since late June, down 3.9% and 4.5% respectively.
• Prices have plunged more than 11% this year as enduring oversupply meets fragile demand.
• OPEC+ confirmed it will boost production by 547,000 barrels a day from September, reversing earlier cuts and adding to market oversupply.
• Long-term demand forecasts are weakening as global investment in renewables and electric vehicle adoption accelerates.