Oil trading near the lowest price in six years is headed for a fifth weekly drop amid signs the global supply glut is worsening.
Futures were little changed in New York after falling for the seventh time in eight days on Thursday. The Organization of Petroleum Exporting Countries needs to keep its output target unchanged to maintain market share, said Kuwait, the group’s third-largest producer. Iran may increase oil exports within months of reaching a deal on its nuclear program, according to U.S. and European officials.
Oil has renewed its slump after losing almost 50 percent last year as U.S. crude stockpiles expand to the highest levels in more than three decades, even as drillers idled the number of active rigs to the fewest since 2011. OPEC maintained its quota at 30 million barrels a day in November, resisting calls to curb output amid surging supply from shale producers.
Bloomberg
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