Oil Heads for 3rd Weekly Loss

Oil prices eased on Friday as lingering fears of a recession demand weighed on sentiment, putting the benchmarks on track for their third straight weekly losses.
Brent crude futures were down 20 cents, or 0.2%, at $108.83 a barrel, giving up earlier gains of over $1, Reuters reported.
WTI crude futures for August delivery slid 37 cents, or 0.4%, to $105.39 a barrel, also surrendering an early gain of nearly $1.
Both contracts fell around 3% on Thursday.
On Thursday, the OPEC+ group of producers, including Russia, agreed to stick to its output strategy after two days of meetings. However, the producer club avoided discussing policy from September onwards.
Previously, OPEC+ decided to increase output each month by 648,000 barrels per day in July and August, up from a previous plan to add 432,000 bpd per month.
US President Joe Biden will make a three-stop trip to the Middle East in mid-July that includes a visit to Saudi Arabia, pushing energy policy into the spotlight as the United States and other countries face soaring fuel prices that are driving up inflation.
Biden said on Thursday he would not directly press Saudi Arabia to increase oil output to curb soaring prices when he sees the Saudi king and crown prince during a visit this month.