Oil Prices Set for Third Weekly Loss in a Row

Crude oil prices were on course to end the week with the third consecutive loss after OPEC+’s latest meeting surprised observers with the possibility of some supply returning to markets later this year. The prospect, which the cartel said would depend on market conditions, started something of a stampede among oil traders, with prices plunging by over $3 at the start of the week. Later, the benchmarks got some respite after Saudi and Russian officials clarified that the return of supply is not something guaranteed. Speaking at the Saint Petersburg…