Core Viewpoint - Oil prices are expected to experience a weekly decline of approximately 7% to 8% due to potential supply increases from OPEC+ [1] Group 1: Price Movements - Brent crude futures have decreased by 8.1% this week, while West Texas Intermediate (WTI) crude is projected to decline by 7.5% [3] - A slight recovery in oil prices on Friday is attributed to positive risk sentiment [3] Group 2: OPEC+ Supply Changes - Eight OPEC+ member countries may agree to increase daily production by 274,000 to 411,000 barrels in November, which is two to three times the increase from October [4] - Analysts suggest that the anticipated increase in OPEC+ supply, combined with reduced crude processing at global refineries due to maintenance and seasonal demand declines, will exert pressure on market sentiment [4] Group 3: Market Outlook - Demand indicators in the Atlantic Basin have declined as summer demand ends, leading to expectations of oversupply in the market starting in October [4] - Analysts from JPMorgan believe that September marks a turning point, predicting significant oversupply in the oil market from the fourth quarter into the following year [4]

Group 1 - Oil prices experienced a slight decline due to the potential for talks between Russia and Ukraine, with West Texas Intermediate crude oil futures falling 0.1% to $63.33 per barrel and Brent crude oil futures also down 0.1% to $66.55 per barrel [1] - NATO Secretary General Jens Stoltenberg indicated that Russian President Vladimir Putin has agreed to meet with Ukrainian President Volodymyr Zelensky [1] - TD Securities' Bart Melek noted that many issues, such as ceasefire, security guarantees, and the advancement of the peace process, still need to be determined [1] Group 2 - Melek suggested that if a resolution can be reached to ease tensions and eliminate the threat of secondary tariffs or sanctions, oil prices would likely decrease [1]