2025.04.2509:17:00UTC+00Oil Headed For Weekly Loss On Oversupply Fears

Oil prices were subdued on Friday and headed for a weekly loss due to expectations of increased OPEC+ supply and renewed hopes for peace in Ukraine.

Benchmark Brent crude futures were marginally lower at $66.51 a barrel in early European trade, giving up early gains as the dollar eyed a weekly rise on signs of easing trade tensions. WTI crude futures slipped 0.2 percent to $62.68.

Oil prices were down about 2 percent for the week, driven by concerns over oversupply.

A report from Reuters citing three sources familiar with OPEC+ talk said several members will suggest the group accelerates oil output hikes in June for a second consecutive month.

There was also talk of a possible ceasefire in the Russia-Ukraine conflict, even as the war rages on with at least 12 killed in Kyiv in a missile and drone attack that prompted Trump to post "Vladimir, STOP!" on social media.

Meanwhile, the dollar index was poised for a weekly gain after U.S. President Donald Trump said that his administration was talking with China on trade.

Beijing denied the existence of negotiations on a deal, but the latest reports suggest that China may exempt tariffs on some U.S. imports.

China has granted some tariff exemptions on American imports and is considering lifting other duties, the Financials Times reported, citing the local U.S. business lobby group.