Global oil benchmark ends at 6-week low on expectations for OPEC output hike

Oil futures dropped sharply Friday, ending the week lower, with global benchmark Brent crude settling at a more-than-six-week low on expectations OPEC and its allies will agree next week to boost output.

August Brent crude LCOQ8, -0.76% the global benchmark, declined by $2.50, or 3.3%, to $73.44 a barrel on ICE Futures Europe. That’s the lowest settlement since May 2, and they suffered a loss of roughly 4% for the week, according to FactSet data. READ MORE

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