As Saudi supplies appear set to return, U.S. crude oil is on track for a weekly loss.

• Nearly 6% and nearly 4% respectively are the percentage drops of West Texas Intermediate crude and global benchmark Brent this week.
• The prospect of rising oil supplies from OPEC+ and soft demand in China has led to a fall in oil prices.

On Friday, U.S. crude oil was heading towards its first weekly loss in three weeks due to the anticipation of increasing oil supplies from Saudi Arabia, which outweighed China's attempts to boost its economy.

Nearly 6% and 4% respectively, the U.S. benchmark West Texas Intermediate and global benchmark Brent have both dropped this week. Despite the escalating conflict in the Middle East between Israel and Hezbollah in Lebanon, prices have decreased.

Dan Yergin, vice chairman of S&P Global, stated on CNBC's "Squawk Box" Friday that it is astonishing to observe that war does not impact the cost, as there has been no interruption.

Yergin stated that there is still more than 5 million barrels of shut-in capacity in the Middle East.

Here are Friday's energy prices:

• The November contract price for crude oil is $67.51 per barrel, which represents a 16-cent decrease or 0.24% drop. To date in the year, the U.S. has experienced a decline in crude oil of more than 5%.
• The November contract price is $71.37 per barrel, which is 23 cents lower or 0.32% off the year-to-date global benchmark, which has decreased by approximately 7%.
• Gasoline prices in October remained relatively stable at $1.9596 per gallon. Year-to-date, there has been a decrease of approximately 7% in gasoline prices.
• The November contract price for natural gas is $2.774 per thousand cubic feet, representing a 0.76% increase. To date in the year, gas prices have risen approximately 10%.

On Thursday, oil was sold off due to a report stating that Saudi Arabia plans to increase production later this year, regardless of the potential negative impact on prices for an extended period.

The planned output hikes by OPEC+ have been postponed from October to December, and there is speculation that the group may delay them further due to low oil prices.

The oil market has been under pressure for months due to soft demand in China, which led to a selloff that erased earlier gains after the country announced new economic stimulus measures.

Over the past few years, China has accounted for half of the growth in global oil demand, but this trend has not been sustainable, according to Yergin.

""The market is grappling with the question of whether China will experience a recovery following the stimulus," he stated."