Oil prices edged lower on Friday after the West’s energy watchdog warned that output cuts announced by OPEC+ producers could exacerbate an oil supply deficit and hurt consumers. Brent crude futures were down 10 cents, or 0.12 per cent, to $85.99 per barrel at 0900 GMT.
West Texas Intermediate crude futures (WTI) slipped 9 cents, or 0.11pc, to $82.07 a barrel. Both contracts were set to post a fourth consecutive week of gains amid easing concerns over a banking crisis last month and the surprise decision last week by the Organisation of the Petroleum Exporting Countries (OPEC) and other producers led by Russia, a group known as OPEC+, to further cut output. rent is set to post a 1pc weekly gain, while WTI was up 1.7pc. OPEC on Thursday flagged downside risks to summer oil demand as part of the backdrop for the 1.16 million barrels per day (bpd) cut.—Reuters
