Sonali Paul

MELBOURNE (Reuters – Oil prices mixed Friday. They fell for the first time in eight weeks following a rise in U.S. oil stockpiles. Iran indicated it was resuming discussions with Western powers, potentially leading to an end to US sanctions.

U.S. West Texas Intermediate crude futures dropped 4 cents to $82.77 per barrel at 0151 GMT. Futures rose 0.1% to $84.44 per barrel, and futures rose 12cs or 0.1% to 84.44.

The weekly benchmarks for WTI were expected to drop 1%, and Brent was on pace for a 1% decline. This is the first weekly drop for WTI in 10 weeks.

This heat resulted from a rally of two months fueled by low gas and coal prices in Europe, China and Europe. It had also prompted fuel switching in power generation to diesel and oil while supplies were scarce.

Data from the Energy Information Administration on Wednesday showed that U.S. crude oil stocks increased more than was expected during the week up to Oct. 22. [EIA/S]

The Organization of the Petroleum Exporting Countries, Russia, and their allies (called OPEC+) will meet again on Nov. 4. Analysts expect them to keep their commitment to adding 400,000 barrels of oil per day to the supply chain each month through April 2022.

JPMorgan analysts (NYSE:) said that Saudi Arabia warned against a ‘huge rise’ in world oil stocks due to an undefined demand picture.

China continues to be concerned about the erratic growth of demand, as it looks to cut pollution in advance of the Beijing winter Olympics. It also plans to restrict mobility to combat any COVID-19-related outbreaks.

China confirmed 64 coronavirus cases in Oct. 28 compared to 39 one day prior, China’s national health agency reported Friday.