The North Sea crude, a benchmark in Europe, closed the session at the Intercontinental Exchange trading 50 cents below the $68.62 it ended the Thursday transactions at.
Brent concludes the week on a downturn, attributed to investors shifting focus to the meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies, including the Russian Federation, known as OPEC+. The group is deliberating on a production increase to reclaim market share, fearing an affirmative action could lead to an oversupply.
U.S. oil inventories dropped more than expected in the week ending August 22, but investors anticipate that the end of summer and vacation season will reduce fuel demand.
Oil prices fluctuated throughout the week with gains and losses driven by developments related to the Russian invasion of Ukraine, particularly the potential halt of Russian oil supply following recent Ukrainian strikes on Russian refineries and the recent tariffs imposed by Donald Trump on India for purchasing Russian oil.
