Oil Faces Fourth Weekly Loss, OPEC+ in Focus

Oil faces a fourth consecutive weekly decline, slipping into a bear market, presenting a challenge for OPEC+ leaders gearing up for production target reviews. Despite a 2.8% rise in West Texas Intermediate on Friday following Goldman Sachs' optimism on OPEC action, the benchmark is still on track for a 3% weekly drop and down roughly 20% from September highs. Surplus supplies, increased shipments from Guyana and the North Sea, robust US exports, and algorithmic selling intensify the downward trend, notably after Brent fell below $80 on Thursday.