Oil prices fell in early trade on Friday after a recent rally, as profit-taking and expectations of supply increases by Russia and Saudi Arabia outweighed forecasts of positive demand from China during its Golden Week holiday.
Brent November futures which expire on Friday were down 21 cents to $95.17 per barrel. Brent December futures lost 10 cents to trade at $93.00 per barrel at 0055 GMT. U.S. West Texas Intermediate crude fell 8 cents to $91.63 per barrel.
"Oil prices recent rally paused overnight," National Australia Bank said in a note. "Next week's OPEC meeting will be a key update for the market with increasing probability the voluntary supply cuts by Aramco are reduced." Turkey, Brazil, Morocco, Tunisia and Saudi Arabia were among the main destinations for Russian diesel this year, JPMorgan said in a note.
Russia has not discussed a possible crude oil supply increase to compensate for Moscow's fuel exports ban with OPEC+, the Kremlin hasRecent macroeconomic data coupled with China's week-long Golden Week holiday that began on Friday was supportive for global oil demand.a fairly solid pace of growth in the second quarter and activity appears to have accelerated this quarter, data showed on Thursday.
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