DTN Oil Update
Oil Prices Steady, Eyeing Weekly Gains, Monthly Losses
VIENNA (DTN) -- Oil prices edged lower Friday morning but were still on track for small weekly gains as futures continued to trade in a narrow range. With the main driving season in the U.S. coming to an end and supply disruption fears over Russian oil receding, the market turned its focus to widely shared oversupply expectations.
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NYMEX-traded WTI for October delivery fell $0.06 to trade near $64.54 bbl, and ICE Brent for October delivery slid $0.28 to $68.34 bbl.
September RBOB gasoline futures rose $0.0542 to $2.2533 gal, while the front-month ULSD contract retreated $0.0156 to $2.2942 gal.
The U.S. dollar index strengthened by 0.277 points to 98.015.
Oil prices were on track for the first monthly losses since April, as globally weak demand growth in conjunction with rising production in non-OPEC countries and rapidly unwinding OPEC+ output cuts pointed to a possible oil glut by year-end.
U.S. sanctions on Russian oil trade, including secondary sanctions on buyers of Russian oil, remained one of the few bullish risk factors in an otherwise bearish market. The Trump administration this week imposed a 25% additional tariff on imports from India in response to the country's purchases of Russian crude oil. So far, these measures have had little measurable impact on global supply.