0748 GMT - Oil prices are poised for a weekly decline, pressured by fears of another large OPEC+ output hike at a time when the market is already facing excess supply. In early trade, Brent crude and WTI both fall 0.8% to $63.91 and $60.66 a barrel, respectively. "The oil market is under renewed pressure as noise builds around what OPEC+ will do with their July output levels," analysts at ING say. A larger supply increase following those in May and June "would cement the shift in policy from the group--moving from defending prices to defending market share." Traders are also closely monitoring geopolitical developments amid fears of a broader conflict in the Middle East and the latest round of U.S.-Iran talks set to take place on Friday. (giulia.petroni@wsj.com)
(END) Dow Jones Newswires
May 23, 2025 03:49 ET (07:49 GMT)
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