Oil set for worst week this year, eye on OPEC move

Oil set for worst week this year, eye on OPEC move

West Texas Intermediate futures edged toward $69 a barrel on Friday, but are still down about 10% for the week. OPEC+ chiefs from Saudi Arabia and Russia met in Riyadh on Thursday, and discussed efforts by the group to “promote market balance and stability.”





March 17, 2023 / 10:00 AM IST





Flow control wheels sit on pipes at the Arya Sasol Polymer Co. petrochemical complex which produces ethylene and polyethylene in Asaluyeh, Iran, on Tuesday, July 9, 2019. Shipping in the Middle East is getting ever riskier, with a standoff between the U.K. navy and Iran just the latest in a line of incidents in the region over the past few months. Photographer: Ali Mohammadi/Bloomberg



Oil headed for the biggest weekly loss this year after banking turmoil rippled across global markets, with investors watching for a potential response to the rout from OPEC and its allies.

West Texas Intermediate futures edged toward $69 a barrel on Friday, but are still down about 10% for the week. OPEC+ chiefs from Saudi Arabia and Russia met in Riyadh on Thursday, and discussed efforts by the group to “promote market balance and stability.” The cartel’s monitoring committee, which can recommend