Key Points
HOUSTON (Reuters) -Oil prices were steady on Friday, but remained on track for a weekly fall as investors weighed expectations for higher global supply against fresh stimulus from top crude importer China...
The recent decision by OPEC+ to ramp up production has only added to the gloom, said Priyanka Sachdeva, senior market analyst at Phillip Nova, adding that the oil market has been struggling with weakening demand over the past few months...
Despite aggressive Chinese stimulus, concerns of oversupply from OPECs plan to bring production back have pushed prices lower, analysts at Aegis Hedging said in a note on Friday...
A Financial Times report on Wednesday said the planned increase is due to Saudi Arabias decision to abandon a $100 oil price target and gain market share...
Saudi Arabia has repeatedly denied targeting a certain oil price, and sources at the wider group told Reuters that the plans to raise output from December do not represent any major change from existing policy...
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