Saturday, August 1, 2026
Oil set for weekly drop as IEA warns OPEC faces looming surplus - Oil and Gas 360

Oil set for weekly drop as IEA warns OPEC faces looming surplus

From The Houston Chronicle Oil is set for its biggest weekly decline in nearly two months as the International Energy Agency warned of a looming supply glut. Futures fell 0.3% in New York, down 2.8% for the week. The Organization of Petroleum Exporting Countries and its allies face a significant challenge in managing the market in 2020 as production surges