Oil heads for monthly decline

Oil headed for a monthly decline ahead of the OPEC+ meeting. Oil fell for a third day as market indicators highlighted concerns about oversupply ahead of the OPEC+ supply meeting on Sunday. Brent crude held losses around $82 after falling 1.9% on Thursday, while U.S. crude traded below $78 a barrel, both heading for monthly declines. Oil prices are set to end the week little changed, weighed down by attacks on a ship in the Red Sea, negative sentiment in financial markets and signs of slowing Chinese demand. The month’s decline has cut Brent’s gains to less than 10% this year. OPEC+ is also expected to extend production cuts, with the possibility of extending some restrictions until 2025. “A key driver for oil prices in the coming days will be this weekend’s OPEC+ meeting. Further cuts are unlikely and will come as a big surprise,” said Yeap Jun Rong, market strategist at IG Asia.