Oil prices fell in Asian trading on Friday, pressured by a stronger dollar and growing worries over global oversupply, putting crude on track for a third consecutive monthly decline.
Brent crude futures slipped 0.4% to $64.74 a barrel, while West Texas Intermediate (WTI) futures dropped 0.5% to $60.28 a barrel.
The dollar strengthened after the Federal Reserve signaled caution over further rate cuts, weighing on commodities priced in the greenback. Weaker Chinese manufacturing data and limited optimism over U.S.-China trade negotiations further dampened sentiment.
Both Brent and WTI are on pace to fall about 3% for the month—their third straight monthly loss—as rising OPEC+ production stokes fears of a supply glut. The group is expected to approve another 137,000 barrels per day increase at its meeting on Sunday.
Geopolitical risk premiums also eased after Israel and Hamas agreed to a temporary ceasefire brokered by Washington. Meanwhile, U.S. President Donald Trump ruled out additional sanctions on China over its purchases of Russian oil, easing concerns about further disruptions to global energy flows.