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Oil was on track for the biggest weekly decline since late June, ahead of an OPEC+ meeting that’s expected to result in the return of more idled barrels, exacerbating concerns around oversupply.
West Texas Intermediate futures traded below $61 a barrel, down almost 8% for the week. Brent closed near $64 on Thursday. The alliance is scheduled to meet on Sunday to make a decision on output for November, and could discuss fast-tracking supply hikes as the group seeks to reclaim market share.