Damascus: Oil prices fell on Friday, extending the sharp declines of the previous session amid concerns about softening US demand and broad global oversupply. Brent crude futures dropped 30 cents, or 0.45%, to $66.07 a barrel, while US West Texas Intermediate (WTI) crude decreased 31 cents, or 0.5%, to $62.06. Both benchmarks had already lost 1.7% and 2%, respectively, in the last trading session.

According to Qatar News Agency, Thursday's losses followed the International Energy Agency's monthly report, which projected that global oil supply would rise faster than previously expected this year due to planned output increases by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+. OPEC+ decided on Sunday to further raise its oil output quotas from October.