Oil prices fell for the first time in three weeks, with expectations mounting that OPEC+ will raise production in July, Bloomberg reported.
Oil markets ended the week lower, with Brent crude dipping near $64 a barrel and U.S. West Texas Intermediate (WTI) falling below $61. Bloomberg attributes the decline to signals that OPEC+ may approve a production increase of 411,000 barrels per day at its upcoming 1 June meeting.
The potential supply boost comes amid ongoing concerns about a global surplus and weakening demand, particularly as commercial stockpiles in the U.S. continue to rise. Brent and WTI have both lost roughly 2% this week, marking oil’s first weekly drop in nearly a month.
Analysts surveyed by Bloomberg expect OPEC+ to maintain its recent shift toward prioritising market share over prices, after easing output cuts faster than anticipated earlier this year. Oil prices have already fallen around 14% since January, touching their lowest levels since 2021.
Geopolitical uncertainty remains a factor. Talks between Iran and the U.S. over Tehran’s nuclear programme continue, while tensions flared midweek over reports that Israel may target Iranian facilities. Meanwhile, the EU is considering lowering its price cap on Russian crude from $60 to $50 a barrel, citing reduced market impact from the current limit.
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Poland has declared two days of national mourning after a gunman opened fire in Kraków's historic main square. Investigators are examining possible far-right influences and the discovery of three bodies at the suspect's home.
Monday marks the second of two days of national mourning in Poland as police bolstered security after six people were killed in a mass shooting in Kraków.
The Saudi-led coalition fighting Yemen's Houthis said it intercepted and destroyed two ballistic missiles fired by the Iran-aligned group towards Riyadh on Sunday (8 November), after loud booms were heard in the Saudi capital. The Aramco building was damaged by falling debris.
Azerbaijan is marking the sixth anniversary of Victory Day on Sunday, 8 November, with President Ilham Aliyev visiting the Victory Monument in Khankendi, laying a wreath and paying tribute to servicemen killed during the 44-day Second Garabagh War in 2020.
The gunman who allegedly killed six people in Poland’s unprecedented mass shooting in central Kraków on Saturday has died in hospital, police said early Monday. The attacker had demonstrated advanced military-style marksmanship skills, according to a spokesperson for the shooting club he attended.
Nvidia has launched an independent investigation into whether its chief executive, Jensen Huang, was targeted in a foreign intelligence operation, following allegations that a businesswoman with whom he had a relationship passed information to Beijing.
Australian design platform Canva has announced a major restructuring affecting 22 per cent of its workforce, with 1,271 employees facing job cuts, relocations or changes to their roles as the company grapples with slowing growth and rising AI costs.
British Petroleum (bp) spent nearly $1.5 billion with suppliers and contractors across Azerbaijan, Georgia and Türkiye in the first nine months of 2026, highlighting the economic reach of major energy projects beyond oil and gas production.
Seven OPEC+ countries agreed on Sunday, 1 November, to keep oil production targets unchanged for December, extending an earlier freeze. But with the Iran war disrupting supplies and prices fluctuating, what is really driving the global oil market?
Cryptocurrencies are volatile, and their crashes make headlines. But does a slump in digital coins ever spill over into the pounds, dollars and euros in people's bank accounts? The short answer is not directly, but indirectly it can, and regulators are increasingly worried about how.
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