Oil notched its first monthly loss since April, with trading dominated by concerns about a looming glut and geopolitical issues, including US-led efforts to end the war in Ukraine.
West Texas Intermediate for October delivery slid 0.9% to settle near $64 a barrel, with the US benchmark down 7.6% this month. Brent closed above $68. Oil has lost ground in August on worries that global supplies will run ahead of demand in the coming quarters, boosting stockpiles.
The commodity’s slump deepened on Friday after US consumer sentiment declined to a three-month low, reflecting concerns that tariffs will hurt the economy.
Investors are also focused on Ukraine and potential shifts in crude flows from Russia. US President Donald Trump was “not happy” about Moscow’s recent strikes on Ukraine, White House Press Secretary Karoline Leavitt said. Washington has imposed a 50% levy on most Indian imports to punish the South Asian nation for buying Russian crude.
Moscow unleashed a wave of drone and missile strikes on Kyiv earlier this week, in defiance of US calls for an end to the fighting, killing 18 people, Ukrainian authorities said.
A meeting between Ukrainian President Volodymyr Zelenskiy and Russia’s Vladimir Putin was unlikely, according to German Chancellor Friedrich Merz. Trump has threatened “very big consequences” if Moscow doesn’t come to the negotiating table.
Oil is down 11% this year on concerns that Trump’s trade war will hurt energy consumption at the same time that OPEC+ is working to restore idled capacity.
“More OPEC+ oil is coming to the market amid worries over US economic growth, which keeps the market well-supplied,” said Jens Naervig Pedersen, a strategist at Danske Bank AS.
Trading volumes on Friday were muted ahead of the Labor Day holiday weekend in the US, contributing to exaggerated price swings.
Oil Prices
WTI for October delivery slipped 0.9% to settle at $64.01 a barrel in New York.
Brent for November settlement slipped 0.7% to settle at $67.48 a barrel.
The October contract, which expires Friday, shed 0.7% to settle at $68.12.
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