Crude futures fell on Friday, but were on track to notch a second-straight weekly gain ahead of this weekend's G-20 summit between U.S. President Donald Trump and Chinese President Xi Jinping and the OPEC powwow early next week.
On the New York Mercantile Exchange crude futures for August delivery settled 1.6% lower at $58.47, while on London's Intercontinental Exchange, the August contract for Brent, the global benchmark, slipped 0.30% to $65.50. The more active September contract was down 1.6% to $64.52.
With expectations running high that OPEC and its allies are likely to extend oil production cuts for another six months and discuss deepening the curbs at a meeting next week, the G20 meeting between Trump and Xi has taken on increased scrutiny.
Analysts, however, have warned that a negative outcome from the Trump-Xi sitdown could fan trade tensions between the world's largest two economies and trigger a rocky reaction in oil prices.
Source : Investing.com