Oil set to finish the week lower

Oil headed for its biggest weekly loss in a month as persistent demand concerns weighed on the market ahead of the OPEC+ meeting. U.S. crude rose to $71 a barrel on Friday on a risk-on note, while futures are still down around 3% for the week. OPEC+ met over the weekend to discuss the group’s production policy amid a tepid economic recovery from China despite the end of its zero-Covid policy. Most market watchers expect OPEC+ to keep production levels unchanged, but the group announced surprise cuts in April and Saudi Arabia’s energy minister recently warned speculators to “be careful.” Crude is down about 13% this year, partly because of resilient crude exports from Russia. Stocks across Asia rose on Friday as concerns about further interest rate hikes by the Federal Reserve eased, and news that Congress approved legislation to prevent a U.S. default added to the upbeat sentiment. U.S. crude inventories rose by about 4.5 million barrels last week, with supply at the main storage hub in Cushing, Oklahoma, increasing for the sixth week, according to Energy Information Administration data released on Thursday.