Baghdad: Oil prices rose on Friday, but are heading for a second week of losses amid concerns about a supply glut and slowing demand in the United States. Brent crude futures increased by 21 cents, or 0.33 percent, reaching $63.59 a barrel by 0149 GMT. Concurrently, U.S. West Texas Intermediate crude futures climbed to $59.65 a barrel, marking an increase of 22 cents, or 0.37 percent.

According to National Iraqi News Agency, despite the rise in prices, both benchmarks are anticipated to decline by approximately two percent this week, continuing the trend for the second consecutive week. This decline is largely attributed to the increase in output by major global producers, which has raised concerns about oversupply in the market.

The oil market’s dynamics are currently influenced by the balance between production levels and demand, particularly in the United States. The fluctuations in prices highlight the ongoing challenges for the oil industry as it navigates through varying production rates and uncertain
demand patterns. As producers continue to adjust their strategies, the global market remains watchful of further developments that could impact pricing trends.