Brent crude futures fell 50 cents, or 0.8%, to $66.34 a barrel by 0923 GMT. U.S. West Texas Intermediate crude futures declined 57 cents, or 0.9%, to $63.39.
“The market is watching out for whether there is a ceasefire or not. An expectation of a ceasefire translates into more Russian production,“ said Giovanni Staunovo, commodity analyst at UBS. “The question is will there be escalation or de-escalation?”
For the week, WTI is set to drop 0.7% while Brent is set to rise 0.4%.
Chinese government data showed factory output growth slumped to an eight-month low and retail sales growth expanded at its slowest pace since December, weighing on sentiment despite stronger oil throughput in the world's second-largest crude user.
Forecasts of a growing oil market surplus also weighed on sentiment, as did the prospect of higher-for-longer U.S. interest rates.
The analysts now project an average surplus of 890,000 barrels per day from July 2025 through June 2026.
That forecast follows predictions earlier this week from the International Energy Agency saying the oil market looks “bloated” after the OPEC+ increases - REUTERS
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