Brent crude futures have fallen around 1.5% over the past week, and US crude has fallen even more than 1.82%.
Oil prices were also hurt by the rising dollar as uncertainties over the debt ceiling and monetary policy in the United States led investors to turn to assets seen as safe havens.
A stronger dollar makes oil, denominated in greenbacks, more expensive for holders of other currencies.
And heightened fears that the United States, the world’s largest oil consumer, is heading into recession after the postponement of the decision to raise the US government’s debt ceiling and growing concern over the bankruptcy of another regional bank.
The market relied on expectations of a second-half supply crunch, even despite Iraqi Oil Minister Hayan Abdul-Ghani’s statements to Reuters on Friday that he did not expect the alliance to OPEC+ decides on a further production cut at its next meeting in Vienna on June 3-4.
The Organization of the Petroleum Exporting Countries (OPEC) on Thursday maintained its forecast for global oil demand growth in 2023, adding that increased demand from China would offset the impact of economic risks.
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