Oil Prices Experience Largest Weekly Decline Since February

Decreased geopolitical tensions and rising U.S. crude inventories contribute to the drop in oil prices.

Oil prices have fallen by over 6% this week, marking the steepest decline since early February.
Easing tensions in the Middle East and a potential ceasefire in Gaza have reduced risks to oil supplies.
Unexpected increases in U.S. crude and gasoline inventories signal a surplus, pushing prices lower.
Financial markets are closely watching the upcoming U.S. jobs report, with expectations of a slowdown in job growth.
OPEC+ may extend output cuts at its next meeting to address potential surpluses in the oil market.