Brent crude futures for October delivery dropped 39 cents, or 0.6%, at $68.23, while the more active contract for November slipped 38 cents, or 0.6%, to $67.60

Oil prices dropped on Friday but are set for a weekly gain, caught between expectations of lower demand as the end of summer nears in the US and some uncertainty about the availability of Russian supply.

Brent crude futures for October delivery, which will expire on Friday, dropped 39 cents, or 0.6%, at $68.23 at 0641 GMT, while the more active contract for November slipped 38 cents, or 0.6%, to $67.60. WTI crude futures were down 39 cents, or 0.6%, at $64.21.

Brent is set for a weekly gain of 0.6%, while WTI is set to jump by 0.8%.

Prices rose due to Russia-Ukraine conflict and after German Chancellor Friedrich Merz said on Thursday there will be no meeting between Russian President Vladimir Putin and Ukrainian President Volodymyr Zelensky.

However, the end of the U.S. summer driving demand period with the country’s Labor Day holiday on Monday and more supply from major producers becoming available with the end of voluntary output cuts have weighed on prices.

We expect rising OPEC+ supply and a seasonal fall in global refining activity from September will result in a pick-up in global oil stockpiles in coming months. We forecast Brent oil futures falling to $63/bbl in Q4 2025, Commonwealth Bank of Australia commodities analyst Vivek Dhar said in a note.

Investors are also watching for India’s response to the U.S. to stop buying Russian oil, after Trump doubled tariffs on imports from India to as much as 50% on Wednesday.

Despite the U.S. measures, Russian oil exports to India are set to rise in September, traders said.

Saudi Arabia, the world’s biggest oil exporter, may cut October crude oil prices for Asian buyers amid ample supply and weaker demand, refining sources said.