Tokyo — Oil prices edged lower on Friday after strong gains the previous day, easing on persistent supply concerns as Russia increased production in July and Saudi Arabia cut the price of crude for its Asian customers. Brent crude futures were down 17c, or 0.2% at $73.28 a barrel by 2.32am GMT, after rising 1.5% on Thursday. US West Texas Intermediate (WTI) crude was off by 2c at $68.94, after gaining nearly 2% in the previous session. WTI is heading for a roughly flat week after four weekly falls, while Brent is on track to post a fourth week of declines in five, heading for a drop of 1.4%. "Bulls are fighting a losing battle…. Brent oil may fall to $67 a barrel," said Reuters technical commodities analyst Wang Tao. Russian oil output rose by 150,000 barrels a day in July from a month earlier, surpassing the amount Moscow had said it would add following a meeting of global oil producers in Vienna in June, energy ministry data showed on Thursday. Saudi Arabia, Russia, Kuwait and the...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.