Khaberni - Oil prices declined today, Friday, heading towards incurring losses for the third consecutive month, as the rise of the dollar limited the gains of commodities, while the increase in supply from major producers around the world diminished the impact of Western sanctions on Russian exports.
Brent crude futures fell by 33 cents or 0.51% to $64.67 a barrel, and West Texas Intermediate crude lost 35 cents or 0.58% to reach $60.22 a barrel, according to (CNBC).
Both crudes are heading towards a decline of about 3% in October, amid expectations that the rise in supply will exceed demand growth this year, with the Organization of Petroleum Exporting Countries (OPEC) and major producers from outside increasing production to boost market share.
It is also expected that the increase in supply will ease the impact of Western sanctions that lead to a decline in Russian oil exports to its largest buyers, China and India.
